Variables

Deterministic terms

IPS statistic

ADF Fisher statistic

Levels

(Aid/GDP)it

Constant

−2.51302

111.603

(AGR/GDP)it

Constant

3.77751

88.1204

(TPR/GDP)it

Constant

−114.884

144.765

(HUM/GDP)it

Constant

0.16035

137.521

(EDU/GDP)it

Constant

2.13143

73.1593

First differences

Δ(Aid/GDP)it

Constant

−13.0403*

293.747*

Δ(AGR/GDP)it

Constant

−2.19512*

194.380*

Δ(TPR/GDP)it

Constant

−120.375*

180.313*

Δ(HUM/GDP)it

Constant

−3.00551*

187.147*

Δ(EDU/GDP)it

Constant

−11.2402*

103.301*