|
| Level | |||||||||
| TB | M2* | REXRAT | GDP | FDI* | INFL | HCEX* | CA* | |||
| Harris-Tsavalis | T-stat | 0.65 |
| 0.88 | −0.11 |
| 0.46 |
| 0.61 | |
| p-value | 0.000 |
| 0.198 | 0.000 |
| 0.000 |
| 0.000 | ||
| Levin, Lin, Chu | T-stat | −7.80 |
| −4.36 | −10.60 |
| −9.87 |
| −6.94 | |
| p-value | 0.000 |
| 0.057 | 0.000 |
| 0.000 |
| 0.005 | ||
| Im-Pesaran-Shin | T-stat | −2.44 | −1.31 | −1.80 | −6.03 | −2.32 | −4.43 | −2.54 | −2.67 | |
| p-value | 0.005 | 0.863 | 0.151 | 0.000 | 0.018 | 0.000 | 0.000 | 0.000 | ||
| Fisher-type | T-stat | 45.91 | 24.70 | 16.56 | 264.75 | 47.71 | 135.10 | 38.17 | 49.68 | |
| p-value | 0.000 | 0.075 | 0.414 | 0.000 | 0.000 | 0.000 | 0.001 | 0.000 | ||
| Harris-Tsavalis | First difference | |||||||||
| p-value | −0.15 |
| 0.1383 | −0.5687 |
| −0.5054 |
| −0.17 | ||
| T-stat | 0.000 |
| 0.000 | 0.000 |
| 0.000 |
| 0.000 | ||
| Levin, Lin, Chu | p-value | −18.27 |
| −10.6864 | −20.39 |
| −17.97 |
| −17.51 | |
| T-stat | 0.000 |
| 0.000 | 0.000 |
| 0.000 |
| 0.000 | ||
| Im-Pesaran-Shin | T-stat | −6.78 | −5.57 | −4.6393 | −10.70 | -6.95 | −8.18 | −6.65 | −7.35 | |
| p-value | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | ||
| Fisher-type | T-stat | 315.83 | 222.1 | 149.49 | 531.69 | 329.6 | 433.17 | 308.43 | 367.6 | |
| p-value | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | ||