Variable Symbol

Statistic

Inspection Results

LLC

IPS

ADF-Fisher

Breitung

Rr

−10.8125***

−2.5347***

145.4044***

−0.8183

Stable

Epa

−11.8084***

3.2097

128.6291***

6.0757

Stable

Lfee

−11.8255***

−4.2414***

154.6152***

−2.1690**

Stable

LnWl

−3.9794***

−0.9381

170.8831***

1.6529

Stable

Ur

−5.5142***

−0.4108

142.2440***

1.4532

Stable

Edl

−9.1632***

−4.6862***

194.5160***

−2.3760***

Stable

Hc

−9.5367***

−5.5111**

105.7017***

−3.6828***

Stable

LnPgdp

−6.8425***

0.5294

165.2573***

2.4876

Stable

Pclh

−2.2025**

−2.5015***

126.4438***

1.3265

Stable

LnGd

−11.1234***

−5.2955***

74.8609*

−1.9666**

Stable