Results of cross-section dependency and unit root test
| Variables | CD-test | p-value | I(0) | I(1) |
|---|---|---|---|---|
| LNV | 13.618*** | 0.000 | −2.068 | −5.929*** |
| AT | 7.181*** | 0.000 | −5.110*** | – |
| LGDP | 47.352*** | 0.000 | −3.951*** | – |
| CPI | 57.075*** | 0.000 | −0.59 | −4.584*** |
| ER | 36.417*** | 0.000 | −1.091 | −3.879*** |
| LEXP | 35.773*** | 0.000 | −2.550*** | – |
| LIMP | 34.716*** | 0.000 | −2.793*** | – |
| LGFCF | 22.857*** | 0.000 | −2.951*** | – |
| Variables | CD-test | I(0) | I(1) | |
|---|---|---|---|---|
| LNV | 13.618*** | 0.000 | −2.068 | −5.929*** |
| AT | 7.181*** | 0.000 | −5.110*** | – |
| LGDP | 47.352*** | 0.000 | −3.951*** | – |
| CPI | 57.075*** | 0.000 | −0.59 | −4.584*** |
| ER | 36.417*** | 0.000 | −1.091 | −3.879*** |
| LEXP | 35.773*** | 0.000 | −2.550*** | – |
| LIMP | 34.716*** | 0.000 | −2.793*** | – |
| LGFCF | 22.857*** | 0.000 | −2.951*** | – |
Note(s): *** Significant at level of 1%
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