Table 2 Unit root tests Variables... | Emerald Publishing

Table 2

Unit root tests

Variables	Augmented Dickey–Fuller		Philips–Perron		Order of integration
Variables	Level	First Diff.	Level	First Diff	Order of integration
lnSMD	−1.777	−3.376^**	−1.276	−3.422^**	I(1)
lnFDI	−2.033	−6.644^***	−2.094	−6.470^***	I(1)
lnEXR	−0.809	−6.079^***	−0.671	−6.087^***	I(1)
lnINF	−2.403	−5.254^***	−2.433	−5.394^***	I(1)
lnINT	−2.636	−4.234^***	−2.543	−5.398^***	I(1)
lnBANK	0.670	−6.062^***	1.36	−6.105^***	I(1)

Variables	Augmented Dickey–Fuller		Philips–Perron		Order of integration
Variables	Level	First Diff.	Level	First Diff	Order of integration
lnSMD	−1.777	−3.376^**	−1.276	−3.422^**	I(1)
lnFDI	−2.033	−6.644^***	−2.094	−6.470^***	I(1)
lnEXR	−0.809	−6.079^***	−0.671	−6.087^***	I(1)
lnINF	−2.403	−5.254^***	−2.433	−5.394^***	I(1)
lnINT	−2.636	−4.234^***	−2.543	−5.398^***	I(1)
lnBANK	0.670	−6.062^***	1.36	−6.105^***	I(1)

Note(s): ^*** and ^** indicate level of significance at 1 and 5%, respectively