Table 4. Panel unit root test results... | Emerald Publishing

Table 4.

Panel unit root test results

Variable	CADF		CIPS
Variable	Level	1st difference	Level	1st difference
LnCPI	−1.524	−3.961***	−1.602	−4.213***
HDI	−1.287	−2.472**	−0.994	−4.067***
FEXR	−2.116	−2.850***	−1.902	−3.920***
LnMS	−2.282	−2.961***	−1.304	−3.787***

Variable	CADF		CIPS
Variable	Level	1st difference	Level	1st difference
LnCPI	−1.524	−3.961***	−1.602	−4.213***
HDI	−1.287	−2.472**	−0.994	−4.067***
FEXR	−2.116	−2.850***	−1.902	−3.920***
LnMS	−2.282	−2.961***	−1.304	−3.787***

Note:

*** and ** show significance at the 1% and 5% levels, respectively