Table I

Unit root tests

VariablesADF levelsADF first differencePP levelsPP first difference
LGDP−3.939−4.213*−1.270−4.215*
LSE−4.960−3.131*−4.960−2.976*
LIIT−1.978−6.894*−4.985−7.401*

Note: *Significant at 1 percent level

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