Variable | LLC test | IPS test | ADF test | PP-Fisher test |
LnGDP | −0.34424 (0.3653)** | 5.07864 (1.0000)* * | 8.37431 (1.0000)** | 6.93169 (1.0000)** |
ΔLnGDP | −25.3064 (0.0000)** | −12.5603 (0.0000)** | 125.554 (0.0000)** | 134.834 (0.0000)** |
LnREI | −5.09708 (0.0000)** | 0.18295 (0.5726)** | 28.8456 (0.6270)** | 49.1685 (0.0268)** |
ΔLnREI | −8.79931 (0.0000)** | −7.50299 (0.0000)** | 114.362 (0.0000)** | 130.928 (0.0000)** |
LnINF | −2.96376− (0.0015)** | 2.69346 (0.9965)** | 19.6971 (0.9761)** | 13.7760 (0.9992)** |
ΔLnINF | −7.48415 (0.0000)** | −5.89356 (0.0000)** | 96.1887 (0.0000)** | 98.6457 (0.0000)** |
LnTEC | −1.46581 (0.0713)** | 1.69675 (0.9551)** | 17.0436 (0.9932)** | 18.4390 (0.9863)** |
ΔLnTEC | −8.53638 (0.0000)** | −8.28401 (0.0000)** | 133.847 (0.0000)** | 125.490 (0.0000)** |