Panel unit root test
| Variables | PESCADF unit root test | Decision | |||
|---|---|---|---|---|---|
| Level | 1st difference | ||||
| t-statistics | p-value | t-statistics | p-value | ||
| Dependent variable | |||||
| GDPG | −2.715** | 0.013 | – | – | Stationary at level |
| Independent variables | |||||
| FDI | −2.267 | 0.124 | −3.944* | 0.000 | Stationary at first difference |
| Trade openness | −2.655** | 0.019 | – | – | Stationary at level |
| Inflation | −2.029 | 0.277 | −3.170* | 0.000 | Stationary at first difference |
| Liquid liabilities | −2.551** | 0.033 | – | – | Stationary at level |
| Human capital | −2.894* | 0.004 | – | – | Stationary at level |
| Gross capital formation | −2.158 | 0.184 | −4.077* | 0.000 | Stationary at first difference |
| Labor | −0.538 | 0.998 | −2.807* | 0.007 | Stationary at first difference |
| Variables | PESCADF unit root test | Decision | |||
|---|---|---|---|---|---|
| Level | 1st difference | ||||
| GDPG | −2.715** | 0.013 | – | – | Stationary at level |
| FDI | −2.267 | 0.124 | −3.944* | 0.000 | Stationary at first difference |
| Trade openness | −2.655** | 0.019 | – | – | Stationary at level |
| Inflation | −2.029 | 0.277 | −3.170* | 0.000 | Stationary at first difference |
| Liquid liabilities | −2.551** | 0.033 | – | – | Stationary at level |
| Human capital | −2.894* | 0.004 | – | – | Stationary at level |
| Gross capital formation | −2.158 | 0.184 | −4.077* | 0.000 | Stationary at first difference |
| Labor | −0.538 | 0.998 | −2.807* | 0.007 | Stationary at first difference |
Note(s): *Significant at 1% level, **significant at 5% level