I(o) I(1)

c c&t c c&t
gdp 0.999 0.924 0.056 0.0203
gfcf 0.864 0.7628 0.0019 0.0104
demo 0.2773 0.6271 0.0000 0.0001
lf 0.4945 0.1472 0.0000 0.0000
 Trace Critical
Statistic Value Prob.**
None * 62.16475 55.24578 0.0109
At most 1 20.80148 35.0109 0.6549
At most 2 7.681198 18.39771 0.7153
At most 3 0.645178 3.841466 0.4218

Max-Eigen Critical
Statistic Value Prob.**
None * 41.36327 30.81507 0.0018
At most 1 13.12028 24.25202 0.6673
At most 2 7.03602 17.14769 0.7091
At most 3 0.645178 3.841466 0.4218
Variable Coefficient Std. Error t-Statistic Prob.

C 780.4273 788.1651 0.990183 0.3287

DEMOCRACY -8.675665 18.68285 -0.464365 0.6452
GFCF 6.574646 0.395443 16.62604 0.0000
LF -56.28004 31.46516 -1.788646 0.0821
Adjusted R-squared =0.927548 DW=0.480193 F-stat=167.4303