Results of first-generation panel unit root tests
| Variables | Breitung (level) INT | INT and TR | Breitung (1st Diff.) INT | INT and TR | IPS (level) INT | INT and TR | IPS (1st Diff.) INT | INT and TR |
|---|---|---|---|---|---|---|---|---|
| lpsdp | 14.46 (1.00) | 2.11 (0.98) | −11.70*** (0.00) | −10.89*** (0.00) | 12.20 (1.00) | −3.15*** (0.00) | −15.06*** (0.00) | −15.69*** (0.00) |
| lhe | 2.97 (0.99) | −1.41* (0.08) | −15.75*** (0.00) | −12.38*** (0.00) | 3.93 (1.00) | −4.02*** (0.00) | −15.17*** (0.00) | −15.38*** (0.00) |
| ur | 0.33 (0.63) | 3.54 (0.99) | −13.01*** (0.00) | −1.63** (0.05) | 3.31 0.99 | 0.03 0.51 | −10.66*** (0.00) | −10.82*** (0.00) |
| lfpr | 3.84 (0.99) | 6.39 (1.00) | −8.44*** (0.00) | −2.91*** (0.00) | −2.01** (0.02) | 6.14 (1.00) | −4.49*** (0.00) | −5.63*** (0.00) |
| ldebt | 17.54 (1.00) | 4.13 (1.00) | −12.05*** (0.00) | −11.63*** (0.00) | −0.92 (0.18) | 0.91 (0.81) | −11.70*** (0.00) | −12.64*** (0.00) |
| popgr | 0.56 (0.71) | −2.93*** (0.00) | −17.10*** (0.00) | −16.73*** (0.00) | 0.94 (0.83) | −1.43* (0.07) | −14.62*** (0.00) | −14.73*** (0.00) |
| fger | 0.16 (0.56) | −1.89** (0.03) | −17.09*** (0.00) | −16.47*** (0.00) | −1.49* (0.07) | −3.63*** (0.00) | −15.02*** (0.00) | −15.19*** (0.00) |
| Variables | Breitung (level) INT | INT and TR | Breitung (1st Diff.) INT | INT and TR | IPS (level) INT | INT and TR | IPS (1st Diff.) INT | INT and TR |
|---|---|---|---|---|---|---|---|---|
| 14.46 (1.00) | 2.11 (0.98) | −11.70*** (0.00) | −10.89*** (0.00) | 12.20 (1.00) | −3.15*** (0.00) | −15.06*** (0.00) | −15.69*** (0.00) | |
| 2.97 (0.99) | −1.41* (0.08) | −15.75*** (0.00) | −12.38*** (0.00) | 3.93 (1.00) | −4.02*** (0.00) | −15.17*** (0.00) | −15.38*** (0.00) | |
| 0.33 (0.63) | 3.54 (0.99) | −13.01*** (0.00) | −1.63** (0.05) | 3.31 0.99 | 0.03 0.51 | −10.66*** (0.00) | −10.82*** (0.00) | |
| 3.84 (0.99) | 6.39 (1.00) | −8.44*** (0.00) | −2.91*** (0.00) | −2.01** (0.02) | 6.14 (1.00) | −4.49*** (0.00) | −5.63*** (0.00) | |
| 17.54 (1.00) | 4.13 (1.00) | −12.05*** (0.00) | −11.63*** (0.00) | −0.92 (0.18) | 0.91 (0.81) | −11.70*** (0.00) | −12.64*** (0.00) | |
| 0.56 (0.71) | −2.93*** (0.00) | −17.10*** (0.00) | −16.73*** (0.00) | 0.94 (0.83) | −1.43* (0.07) | −14.62*** (0.00) | −14.73*** (0.00) | |
| 0.16 (0.56) | −1.89** (0.03) | −17.09*** (0.00) | −16.47*** (0.00) | −1.49* (0.07) | −3.63*** (0.00) | −15.02*** (0.00) | −15.19*** (0.00) |
Note(s): Parenthesis is used to report p-values. 1%, 5% and 10% of rejections are denoted by the symbols ***, ** and * respectively
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