NATO countries | ||||||
Method/Variables | OOP/CHE | OOPpc | Milex/GDP | Milexpc | Milex/GGE | ag_Milex/GDP |
Levin, Lin & Chu t* | ||||||
Level | 0.304 | −7.505*** | −4.607*** | −0.435 | −4.583*** | −24.086*** |
First Difference | −52.19*** | −13.748*** | ||||
Im, Pesaran and Shin W-stat (IPS) | ||||||
Level | −2.258** | −3.595*** | −3.528*** | 0.355 | −3.734*** | −16.210*** |
First Difference | −24.709*** | −12.282*** | ||||
ADF - Fisher Chi-square | ||||||
Level | 88.832** | 97.617*** | 90.989** | 65.736 | 99.837*** | 510.883*** |
First Difference | 584.324*** | 262.858*** | ||||
PP - Fisher Chi-square | ||||||
Level | 335.684*** | 124.085*** | 81.028** | 49.607 | 124.294*** | 564.566*** |
First Difference | 650.419*** | 275.944*** |