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***