Table 2 Results of the Im–Pesaran–Shin... | Emerald Publishing

Table 2

Results of the Im–Pesaran–Shin and Levin-Lin-Chu unit root tests

	Im–Pesaran–Shin				Levin–Lin–Chu
Variables	I (0)		I (1)		I(0)		I(1)
Variables	I.C.	I.C.& Tr	I.C.	I.C. & Tr	I.C.	I.C.& Tr	I.C.	I.C. & Tr
LNTB	−2.274**	−1.946**	−13.743***	−12.510***	−2.304**	−3.087***	−12.152***	−9.968***
EXCH	4.013	1.120	−10.247***	−9.490***	3.407	0.259	−9.716***	−9.145***
TRADE	−0.565	−0.143	−12.120***	−10.522***	−0.580	−0.518	−10.761***	−8.658***
LNFGDP	−0.349	1.541	−8.886***	−7.202***	−5.926***	5.417	−40.190***	−4.296***
LNDGDP	2.129	−0.723	−10.594***	−9.314***	−1.713*	−2.129***	−10.122***	−8.552***

	Im–Pesaran–Shin				Levin–Lin–Chu
Variables	I (0)		I (1)		I(0)		I(1)
Variables	I.C.	I.C.& Tr	I.C.	I.C. & Tr	I.C.	I.C.& Tr	I.C.	I.C. & Tr
LNTB	−2.274**	−1.946**	−13.743***	−12.510***	−2.304**	−3.087***	−12.152***	−9.968***
EXCH	4.013	1.120	−10.247***	−9.490***	3.407	0.259	−9.716***	−9.145***
TRADE	−0.565	−0.143	−12.120***	−10.522***	−0.580	−0.518	−10.761***	−8.658***
LNFGDP	−0.349	1.541	−8.886***	−7.202***	−5.926***	5.417	−40.190***	−4.296***
LNDGDP	2.129	−0.723	−10.594***	−9.314***	−1.713*	−2.129***	−10.122***	−8.552***

Note(s): *, ** and *** denote the absence of unit root at 10%, 5 and 1% significance levels, respectively

Source(s): Authors’ construct