IPS | LLC | |||
Level | First difference | Level | First difference | |
HDI | 0.8515 (0.8028) | −3.4792 (0.0003) | 3.1986 (0.9993) | −2.5414 (0.0055) |
GFCF | −2.2990 (0.0108) |
| 0.2044 (0.5810) | −8.1382 (0.0000) |
DEBT | −3.6185 (0.0001) |
| −1.5940 (0.0555) | −7.6445 (0.0000) |
CET | 0.9816 (0.8368) | −4.4187 (0.0000) | −0.2799 (0.3898) | −5.7437 (0.0000) |
CER | −0.0196 (0.4922) | −5.0610 (0.0000) | −0.8304 (0.2032) | −6.2658 (0.0000) |
FDI | −3.1970 (0.0007) |
| −0.9740 (0.1650) | −9.0613 (0.0000) |
CO2 | −1.5644 (0.0589) | −5.9920 (0.0000) | −1.2159 (0.1120) | −9.2808 (0.0000) |
INFLATION | −4.2235 (0.0000) | −5.2210 (0.0000) | ||
TBSP | −0.6457 (0.2592) | −4.9371 (0.0000) | −0.8559 (0.1960) | −8.4902 (0.0000) |