Variables

LLC

IPS

ADF

PP

Level

First. Diff

Level

First. diff

Level

First. diff

Level

First. diff

lnGDPC

−0.157

(0.437)

−6.284***

(0.000)

2.984

(0.998)

−8.165***

(0.000)

8.454

(0.934)

96.331***

(0.000)

5.663

(0.991)

120.605*** (0.000)

lnMS

2.267

(0.988)

−14.768*** (0.000)

2.380

(0.991)

−13.535*** (0.000)

11.531

(0.775)

148.124*** (0.000)

13.287

(0.651)

154.614*** (0.000)

RIR

−4.153***

(0.000)

−8.882***

(0.000)

−2.774*** (0.002)

−6.367***

(0.000)

32.593***

(0.008)

65.329***

(0.000)

40.135***

(0.000)

102.904*** (0.000)

lnDCP

0.783

(0.783)

−8.638***

(0.000)

1.524

(0.936)

−9.728***

(0.000)

7.991

(0.0.949)

112.044*** (0.000)

7.452

(0.963)

131.292*** (0.000)

lnOER

−8.945***

(0.000)

−3.437***

(0.000)

−8.755*** (0.000)

−3.420***

(0.000)

101.555*** (0.000)

37.276***

(0.001)

29.510***

(0.000)

122.652*** (0.000)

lnGFCF

−0.912

(0.180)

−13.507*** (0.000)

−1.457*

(0.072)

−14.035*** (0.000)

25.529*

(0.061)

161.300*** (0.000)

19.108

(0.263)

172.164*** (0.000)