Variables

Stationarity in Level

Decisions

Levin-Lin-Chu

Perron

Stat.

IPS

Val

reviews

Stat.

Peron

Val.

review

Trade openness

0.5124

0.6958

0.6359

0.7367

I (0) Stationary

ATMS

−6.6046

0.0000*

−9.7938

0.0000*

I (0) Stationary

FinancDev

0.8530

0.8032

0.8199

0.7927

Non-stationary

Exchange term

−5.4877

0.0000*

−7.5375

0.0000*

I (0) Stationary

FID

−4.3362

0.0000*

−6.0506

0.0000*

I (0) Stationary

GDP

0.5133

0.6961

−0.0044

−04983

I (0) Stationary

Evolmon

−8.8724

0.0000*

−12.8759

0.0000*

I (0) Stationary

Poprur

9.8323

1.0000

2.5717

0.9937

Non-stationary