Unit root test results
| LLC | ADF-Fisher | |||
|---|---|---|---|---|
| I(0) | I(1) | I(0) | I(1) | |
| HDI | 1.039 | −7.738*** | 56.396 | 236.188*** |
| FDI | −8.059*** | −34.828*** | 228.881*** | 886.104*** |
| Demo | −20.810*** | −40.877*** | 464.809*** | 490.101*** |
| Demo_Cap | −3.140*** | −3.194*** | 44.406 | 91.183*** |
| GDPG | −19.309*** | −31.785*** | 486.720*** | 839.268*** |
| Trade | −3.869*** | −21.699*** | 139.971*** | 563.441*** |
| GFCF | −3.939*** | −20.868*** | 130.569*** | 582.552*** |
| Credit | 0.166 | −19.123*** | 81.425 | 440.991*** |
| Pop_U14 | 0.279 | −2.006** | 107.930*** | 138.535*** |
| LLC | ADF-Fisher | |||
|---|---|---|---|---|
| I(0) | I(1) | I(0) | I(1) | |
| HDI | 1.039 | −7.738*** | 56.396 | 236.188*** |
| FDI | −8.059*** | −34.828*** | 228.881*** | 886.104*** |
| Demo | −20.810*** | −40.877*** | 464.809*** | 490.101*** |
| Demo_Cap | −3.140*** | −3.194*** | 44.406 | 91.183*** |
| GDPG | −19.309*** | −31.785*** | 486.720*** | 839.268*** |
| Trade | −3.869*** | −21.699*** | 139.971*** | 563.441*** |
| GFCF | −3.939*** | −20.868*** | 130.569*** | 582.552*** |
| Credit | 0.166 | −19.123*** | 81.425 | 440.991*** |
| Pop_U14 | 0.279 | −2.006** | 107.930*** | 138.535*** |
Note(s): Automatic lag selection based on SIC. *** and ** represent significance at the 1 and 5% level respectively
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