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)