Variable

Im, Pesaran and Shin W-stat

ADF-Fisher Chi-square

PP-Fisher Chi-square

Result

gdp

8.64791

9.01959

18.6115

Unstable

grde

0.70112

55.6134

55.1503

Unstable

erde

−2.13781

74.561

148.408

Unstable

orde

−2.61697

81.7064

144.41

Unstable

Employment

5.6748

37.7059

56.9451

Unstable

fdi

10.3803

9.57055

45.5147

Unstable

Δgdp

−8.66985^***

188.441^***

186.768^***

Stable

Δgrde

−9.13805^***

193.397^***

603.275^***

Stable

Δerde

−13.8985^***

279.78^***

511.856^***

Stable

Δorde

−6.60955^***

149.028^***

528.076^***

Stable

ΔEmployment

−3.13824^***

105.253^***

299.878^***

Stable

Δfdi

−4.05945^***

120.643^***

243.842^***

Stable