Variables

Level

First difference

IPS

LLC

PP Fisher

IPS

LLC

PP Fisher

Finance

0.145 (0.557)

−0.855

(0.196)

27.164

(0.904)

−13.287*

(0.000)

−13.469*

(0.000)

249.000*

(0.000)

GDP per capita

7.444

(1.00)

4.038

(1.00)

22.605

(0.977)

−10.107*

(0.000)

−10.449*

(0.000)

185.429*

(0.000)

Remittances

−1.106

(0.134)

−2.465*

(0.006)

41.955

(0.303)

−16.463*

(0.000)

−17.557*

(0.000)

307.829*

(0.000)

Trade

−0.922

(0.178)

−1.924*

(0.027)

47.420

(0.140)

−17.130*

(0.000)

−17.706* (0.000)

348.262*

(0.000)

Inflation

−9.609

(0.000)

−10.474

(0.000)

170.802

(0.000)

−21.569

(0.000)

−22.187

(0.000)

461.298

(0.000)

Urbanization

10.997

(1.000)

9.845

(1.000)

86.967*

(0.000)

3.364

(0.999)

5.856

(1.000)

98.960*

(0.000)