Variable

Measurement

form

(logarithm)

LLC

IPS

ADF

Is it stable

LnZY

Total export

complexity

−0.65046

0.78749

78.1377

Nonstationary

LnHY

High end

export

complexity

−0.48720

−0.77390

97.4125

Nonstationary

LnLMY

Medium

and low and end export complexity

−3.33602***

−1.18119

100.702

Nonstationary

LnFDI

Foreign

investment

−4.69209***

−1.87711**

121.548***

Stationary

LnHR

Human

capital

−4.18126***

−2.27135**

112.447**

Stationary

LnRI

R & D

investment

−2.08870**

0.01033

75.6200

Nonstationary

LnPLAND

Natural

resources

−8.41691***

−4.05036***

170.569***

Stationary

LnIM

Import

−2.56873***

−1.04741

103.251*

Nonstationary

LnPOP

Country

size

−10.8615***

−5.86086***

190.155***

Stationary

LnAGE

Proportion

of old

people

−15.7028***

−5.70713***

213.922***

Stationary

LnHI

Health

investment

−1.88415**

0.09656

95.7137

Nonstationary

D (LnZY)

Total

export

complexity

−5.36595***

−6.53149***

192.551***

Stationary

D (LnHY)

High end

export

complexity

−8.69153***

−7.84474***

211.941***

Stationary

D (LnLMY)

Medium

and low

and end

export

complexity

−6.11020***

−6.30930***

180.925***

Stationary

D (LnRI)

R & D

investment

−4.41222***

−3.49638***

130.919***

Stationary

D (LnIM)

Import

−8.52523***

−8.14337***

216.796***

Stationary