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)