Variable

IPS test

Fisher (Dfuller) test

Fisher (Pperron) test

GDP per capita

−1,713

(0.043)^**

All (0.000)^***

P 140.242 (0.015)^***; Z −1.895 (0.029)^**

L^* −1.916 (0.028)^**; Pm 2.352 (0.009)^***

Domestic investment

−6.344

(0.000)^***

All (0.000)^***

P 251.579 (0.000)^***; Z −7.422 (0.000)^***

L^* −7.818 (0.000)^***; Pm 9.998 (0.000)^***

FDI inflows (lag 1)

−10.904

(0.000)^***

All (0.000)^***

P 443.116 (0.000)^***; Z −12.843 (0.000)^***

L^* −15.975 (0.000)^***; Pm 23.153 (0.000)^***

Work-age population

−3.623

(0.000)^***

All (0.000)^***

P 528.628 (0.000)^***; Z −7.211 (0.000)^***

L^* −16.363 (0.000)^***; Pm 29.026 (0.000)^***

Primary education

3.994

(1.000)

All (0.000)^***

P 215.531 (0.000)^***; Z −4.030 (0.000)^***

L^* −4.256 (0.000)^***; Pm 4.166 (0.000)^***

Trade openness

−3.866

(0.000)^***

All (0.000)^***

P 166.656 (0.000)^***; Z −4.030 (0.000)^***

L^* −4.256 (0.000)^***; Pm 4.166 (0.000)^***

REER

−1.686

(0.046)^**

All (0.000)^***

P 121.403 (0.030)^**; Z −1.745 (0.041)^**

L^* −1.858 (0.032)^**; Pm 1.999 (0.023)^**

Debt

−1.762 (0.039)^**

All (0.000)^***

P 96.036 (0.594); Z 0.491 (0.688)

L^* 0.586 (0.721); Pm −0.280 (0.610)

Pxpm

−4.666 (0.000)^***

All (0.000)^***

P 184.706 (0.000)^***; Z −4.999 (0.000)^***

L^* −4.989 (0.000)^***; Pm 5.406 (0.000)^***