Variables | Level | First difference | ||||
IPS | LLC | PP Fisher | IPS | LLC | PP Fisher | |
Consumption | 6.181 (1.00) | 5.431 (1.00) | 22.163 (0.981) | −13.425 (0.000) | −13.080 (0.000) | 245.94 (0.000) |
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) |
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) |