Variable

Levels

1st Differencing

2nd Differencing

FDI

Constant

Trend and Intercept

Constant

Trend and Intercept

Constant

Trend and Intercept

T-Statistic Values

−0.419862

−1.676528

−4.706985

−4.608566

−6.502578

−6.434405

Critical Values at 5% level

−2.971853

−3.580623

−2.976263

−3.587527

−2.986225

−3.603202

Probability

0.8925

0.7348

0.0009

0.0054

0.0000

0.0001

Critical Values

−3.5

−3.5

−3.5