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)