ADF and PP tests results in level for the monthly series of the Bovespa, Selic rate, Exchange rate, PIB, IPCA and country risk logarithm series in January 1995 to December 2010.

Source: Results obtained with the Eviews 6 software. Note: a: Increased Dickey-Fuller test; b: Optimal value of selected lags according to the Schwarz criterion; c: Philips-Peron test; d: Critical values with 5% of significance; * model with only constant; ** model with Constant and trend.