| LEVIN, LIN, CHU | IM, PESARAN, SHIN | ||
Individual Intercept First Difference | Individual Intercept & Trend First Difference | Individual Intercept First Difference | Individual Intercept & Trend First Difference | |
Ln_FD | −6.64284*** | −4.81507*** | −8.26681*** | −5.98995*** |
Ln_FDI | −10.5625*** | −8.14524*** | −12.0784*** | −10.1812*** |
Ln_GDP | −6.00220*** | −5.19589*** | −6.19252*** | −4.14603*** |
Ln_GFCF | −8.95539*** | −7.24783*** | −8.67623*** | −6.03586*** |
Ln_INTRATE | −16.7560*** | −15.4771*** | −15.4894*** | −11.3131*** |
Ln_HC | −6.34597*** | −4.11305*** | −7.91008*** | −6.35944*** |
Ln_OPEN | −13.9281*** | −11.4395*** | −13.7365*** | −11.1656*** |
Ln_GDPDEF | −8.47886*** | −7.71992*** | −10.3497*** | −8.14734*** |