| Level | Difference | ||
Variables | LLC | IPS | LLC | IPS |
lnINDU | 1.158** | 1.801** | 12.317*** | 14.175*** |
lnFDI | 16.215*** | 9.993*** | 14.883*** | 17.929*** |
lnTNR | 2.390** | 2.951** | 11.795*** | 14.147*** |
lnTO | 1.868** | 2.013** | 10.534*** | 13.957*** |
lnFD | 2.405** | 2.381*** | 20.479*** | 21.470*** |
lnHC | 3.911** | 9.166*** | 19.527*** | 18.524*** |
lnINF | 8.342*** | 9.006*** | 21.110*** | 23.135*** |