Panel unit root test
| Variable | Im, Pesaran and Shin (IPS) | Fisher ADF | Fisher PP | |||
|---|---|---|---|---|---|---|
| I(0) | I(1) | I(0) | I(1) | I(0) | I(1) | |
| LNMREC | −1.697** | – | 3.687*** | – | 17.284*** | – |
| LNFD | −1.021 | −5.372*** | 2.065** | – | 1.118 | 46.879*** |
| LNGDP | 1.777 | −3.632*** | −1.504 | 8.345*** | −1.282 | 7.576*** |
| LNGDPSQ | 1.966 | −3.383*** | −1.641 | 7.107*** | −1.509 | 7.785*** |
| LNFDI | −1.886** | – | 2.120** | – | 5.298*** | – |
| LNTRADE | 1.176 | −5.901*** | −0.682 | 12.997*** | −0.653 | 15.450*** |
| LNGOV | −0.570 | −6.635*** | 0.615 | 17.018*** | 1.493* | – |
| LNURB | −4.785*** | – | 19.262*** | – | −0.765 | 3.541*** |
| Variable | Im, Pesaran and Shin (IPS) | Fisher ADF | Fisher PP | |||
|---|---|---|---|---|---|---|
| I(0) | I(1) | I(0) | I(1) | I(0) | I(1) | |
| LNMREC | −1.697** | – | 3.687*** | – | 17.284*** | – |
| LNFD | −1.021 | −5.372*** | 2.065** | – | 1.118 | 46.879*** |
| LNGDP | 1.777 | −3.632*** | −1.504 | 8.345*** | −1.282 | 7.576*** |
| LNGDPSQ | 1.966 | −3.383*** | −1.641 | 7.107*** | −1.509 | 7.785*** |
| LNFDI | −1.886** | – | 2.120** | – | 5.298*** | – |
| LNTRADE | 1.176 | −5.901*** | −0.682 | 12.997*** | −0.653 | 15.450*** |
| LNGOV | −0.570 | −6.635*** | 0.615 | 17.018*** | 1.493* | – |
| LNURB | −4.785*** | – | 19.262*** | – | −0.765 | 3.541*** |
Note(s): IPS (Im, Pesaran and Shin), Fischer ADF (augmented Dickey and Fuller) test, Fischer PP (Phillips and Perron) test, *, ** and ***represent significance at the 10, 5 and 1% levels, respectively. (For Fischer ADF and Fischer PP, we report the modified inv. chi-squared statistics)
Source(s): Authors' computation
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