Variable

CADF

CIPS

Inference

Overall Sample of EA.

Level

∆Level

Level

∆Level

lnRGDP

−0.2284

−5.2881***

−0.2382

−4.2888***

I (1)

lnHCD

−0.2842

−5.2782***

−0.2298

−4.3002***

I (1)

lnID

−0.4953

−4.8364***

−0.5930

6.1391***

I (1)

lnICT

−0.5582

−4.8960***

−0.4573

−5.3751***

I (1)

Lower Middle-Income Countries (LMIC)

lnRGDP

−0.1233

−3.0821***

−0.1528

−4.4372***

I (1)

lnHCD

−0.1431

−3.1120***

−0.1657

−4.6231***

I (1)

lnID

−0.1982

−4.3001***

−0.1901

−4.8291***

I (1)

lnICT

−0.2183

−4.6381***

−0.2891

−4.1922***

I (1)

Low-Income Countries (LIC)

lnRGDP

−0.1528

−3.8171***

−0.1028

−3.9272***

I (1)

lnHCD

−0.1682

−4.171***

−0.1181

−4.0721***

I (1)

lnID

−0.1220

−3.9201***

−0.2819

5.0291***

I (1)

lnICT

−0.1882

−4.4891***

−0.1928

−4.4271***

I (1)