Variables

LLC test

Null: No unit root

IPS test

Null: Contain unit root

Xij

−2.7889 (0.0026)

−11.2366 (0.0000)

GDPi

−2.3984 (0.0082)

−9.4527 (0.0000)

GDPj

−2.1558 (0.0155)

−8.3380 (0.0000)

OPENj

3.6263 (0.9999)

−4.2549 (0.0000)

POPj

−10.8957 (0.0000)

−10.4530 (0.0000)