Variable Name | Horizontal series value | First order difference value | ||||
LLC | IPS | ADF | LLC | IPS | ADF | |
lnHP | −6.5068*** | −5.986*** | −1.4979 | −7.1033*** | −10.4645*** | 10.1137*** |
(0.000) | (0.000) | (0.9329) | (0.000) | (0.000) | (0.000) | |
lnHP^2 | −6.272*** | −5.742*** | −2.7329 | −7.201*** | −10.3704*** | 10.2579*** |
(0.000) | (0.000) | (0.9969) | (0.000) | (0.000) | (0.000) | |
lnWage | −5.207*** | −3.068*** | 2.9829*** | −6.2581*** | −10.0178*** | 3.0945** |
(0.000) | (−0.001) | (0.0014) | (0.000) | (0.000) | (0.0010) | |
lnSalary | −4.5656*** | −2.6940*** | 1.3746* | −18.2876*** | −10.5005*** | 9.6878*** |
(0.000) | (0.000) | (0.0846) | (0.000) | (0.000) | (0.000) | |
lnLoan | −3.9126*** | −6.0609*** | −5.1483 | −8.1877*** | −12.6893*** | 32.2515*** |
(0.000) | (0.000) | (1.0000) | (0.000) | (0.000) | (0.000) | |
lnGDP | −10.509*** | 0.761 | 12.2113*** | −12.6407*** | −8.3142*** | 6.1401*** |
(0.000) | (−0.777) | (0.000) | (0.000) | (0.000) | (0.000) | |
lnIvest | −11.6589*** | −5.2596*** | 10.3127 | −10.9483*** | −10.9098*** | 15.2156*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
lnState | −4.3442*** | −0.6893 | 2.5234*** | −7.2283*** | −8.3680*** | 7.5245*** |
(0.000) | (0.2453) | (0.000) | (0.000) | (0.000) | (0.000) | |
Open_im | −8.522*** | −10.984*** | 8.5334*** | −12.584*** | −13.7916*** | 29.8143*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
Open_ex | −8.509*** | −10.966*** | 8.5505*** | −12.5581*** | −13.7867*** | 29.7533*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) |