CIPS-based panel unit root results
| Level variables | Only constant | |||
|---|---|---|---|---|
| Lags | ||||
| 0 | 1 | 2 | 3 | |
| lpsdp | −2.173** (0.049) | −1.556 (0.811) | −1.365 (0.952) | −1.321 (0.968) |
| lhe | −2.666*** (0.000) | −2.478*** (0.002) | −2.188** (0.043) | −2.436*** (0.003) |
| ur | −2.019 (0.153) | −1.427 (0.921) | −2.498*** (0.001) | −2.490*** (0.002) |
| lfpr | −1.751 (0.530) | −2.143* (0.062) | −2.432*** (0.003) | −2.602*** (0.000) |
| ldebt | −1.213 (0.989) | −1.414 (0.929) | −1.454 (0.903) | −1.517 (0.851) |
| popgr | −1.706 (0.604) | −1.728 (0.568) | −1.756 (0.523) | −1.791 (0.465) |
| fger | −2.184** (0.044) | −2.065 (0.112) | −1.662 (0.671) | −1.826 (0.409) |
| Variables in first difference | ||||
| lpsdp | −6.115*** (0.000) | −4.825*** (0.000) | −3.483*** (0.000) | −2.877*** (0.000) |
| lhe | −6.016*** (0.000) | −4.921*** (0.000) | −3.674*** (0.000) | −3.330*** (0.000) |
| ur | −5.334*** (0.000) | −2.464*** (0.002) | −2.130* (0.069) | −2.313** (0.013) |
| lfpr | −4.476*** (0.000) | −2.967*** (0.000) | −1.749 (0.534) | −1.827 (0.407) |
| ldebt | −4.912*** (0.000) | −3.682*** (0.000) | −2.788*** (0.000) | −2.533*** (0.001) |
| popgr | −6.012*** (0.000) | −4.075*** (0.000) | −3.178*** (0.000) | −2.616*** (0.000) |
| fger | −5.804*** (0.000) | −4.667*** (0.000) | −3.387*** (0.000) | −3.032*** (0.000) |
| Level variables | Only constant | |||
|---|---|---|---|---|
| Lags | ||||
| 0 | 1 | 2 | 3 | |
| −2.173** (0.049) | −1.556 (0.811) | −1.365 (0.952) | −1.321 (0.968) | |
| −2.666*** (0.000) | −2.478*** (0.002) | −2.188** (0.043) | −2.436*** (0.003) | |
| −2.019 (0.153) | −1.427 (0.921) | −2.498*** (0.001) | −2.490*** (0.002) | |
| −1.751 (0.530) | −2.143* (0.062) | −2.432*** (0.003) | −2.602*** (0.000) | |
| −1.213 (0.989) | −1.414 (0.929) | −1.454 (0.903) | −1.517 (0.851) | |
| −1.706 (0.604) | −1.728 (0.568) | −1.756 (0.523) | −1.791 (0.465) | |
| −2.184** (0.044) | −2.065 (0.112) | −1.662 (0.671) | −1.826 (0.409) | |
| −6.115*** (0.000) | −4.825*** (0.000) | −3.483*** (0.000) | −2.877*** (0.000) | |
| −6.016*** (0.000) | −4.921*** (0.000) | −3.674*** (0.000) | −3.330*** (0.000) | |
| −5.334*** (0.000) | −2.464*** (0.002) | −2.130* (0.069) | −2.313** (0.013) | |
| −4.476*** (0.000) | −2.967*** (0.000) | −1.749 (0.534) | −1.827 (0.407) | |
| −4.912*** (0.000) | −3.682*** (0.000) | −2.788*** (0.000) | −2.533*** (0.001) | |
| −6.012*** (0.000) | −4.075*** (0.000) | −3.178*** (0.000) | −2.616*** (0.000) | |
| −5.804*** (0.000) | −4.667*** (0.000) | −3.387*** (0.000) | −3.032*** (0.000) | |
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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