Outcomes of Im, Pesaran, and Shin (IPS) panel unit root test
| Intercept | Intercept and trend | |||
|---|---|---|---|---|
| Statistics | Probability | Statistics | Probability | |
| GDPP | −0.640 | 0.260 | −1.837 | 0.033 |
| INT | −9.735 | 0.000 | −5.713 | 0.000 |
| FDI (−1) | −10.935 | 0.000 | −8.425 | 0.000 |
| DCPS | −6.314 | 0.000 | −4.387 | 0.000 |
| EXCH | −8.814 | 0.000 | −8.013 | 0.000 |
| LF | −3.893 | 0.000 | −3.405 | 0.000 |
| PS | −6.427 | 0.000 | −4.307 | 0.000 |
| RL | −7.572 | 0.000 | −3.879 | 0.000 |
| GEF | −7.078 | 0.000 | −5.025 | 0.000 |
| RQ | −7.102 | 0.000 | −8.191 | 0.000 |
| CC | −8.064 | 0.000 | −5.406 | 0.000 |
| Intercept | Intercept and trend | |||
|---|---|---|---|---|
| Statistics | Probability | Statistics | Probability | |
| GDPP | −0.640 | 0.260 | −1.837 | 0.033 |
| INT | −9.735 | 0.000 | −5.713 | 0.000 |
| FDI (−1) | −10.935 | 0.000 | −8.425 | 0.000 |
| DCPS | −6.314 | 0.000 | −4.387 | 0.000 |
| EXCH | −8.814 | 0.000 | −8.013 | 0.000 |
| LF | −3.893 | 0.000 | −3.405 | 0.000 |
| PS | −6.427 | 0.000 | −4.307 | 0.000 |
| RL | −7.572 | 0.000 | −3.879 | 0.000 |
| GEF | −7.078 | 0.000 | −5.025 | 0.000 |
| RQ | −7.102 | 0.000 | −8.191 | 0.000 |
| CC | −8.064 | 0.000 | −5.406 | 0.000 |
Note(s): First difference unit root test lag order selected by the Akaike information criterion (ACI) with maximum lag number being to 5
Source(s): Author’s calculation