Inlevel | In first differences | |||||
ADF | PP | KPSS | ADF | PP | KPSS | |
Private investment | −2.305 | −2.174 | 0.760* | −7.541* | −8.413* | 0.111 |
(−2.930) | (−2.930) | (0.463) | (−2.931) | (−2.931) | (0.463) | |
Trade | −3.380* | −3.380* | 0.159* | −7.907* | −8.413* | 0.111 |
(−2.930) | (−2.930) | (0.463) | (−2.931) | (−2.931) | (0.463) | |
Public investment | −2.035 | −2.338 | 0.790 | −8.586* | −28.302* | 0.243 |
(−2.931) | (−2.930) | (0.463) | (−2.933) | (−2.931) | (0.463) | |
Growth | −8.599* | −8.749* | 0.291* | −6.190* | −52.163* | 0.148 |
(−2.930) | (−2.930) | (0.463) | (−2.939) | (−2.931) | (0.463) | |
Investment conditions | −2.951* | −3.768* | 0.570 | −11.529* | −15.541* | 0.070 |
(−2.931) | (−2.930) | (0.463) | (−2.931) | (−2.931) | (0.463) | |
Corruption | −2.039 | −2.339 | 0.763 | −8.586* | −28.302* | 0.243 |
(−2.940) | (−2.927) | (0.463) | (−2.933) | (−2.931) | (0.463) | |
Government stability | −5.993* | −3.380* | 0.159* | −7.931* | −8.412* | 0.111 |
(−2.930) | (−2.930) | (0.463) | (−2.740) | (−2.740) | (0.463) |