Table 3: ADF unit root test for stationarity.

LevelFirst difference
InterceptIntercept plus trendInterceptIntercept plus trend

EXPG1.015487−2.528736−6.429114***−7.213010***
FDIG−1.629711−2.963173−6.178839***−6.024192***
GFCG−1.186519−2.239703−8.420725***−7.845780***
EXR0.389952−1.480079−5.144659***−5.098499***
PDEN−0.263170−3.662075**−3.894389***−3.692696**