Variable | Intercept |
| Trend and Intercept | ||||||
Level | First Difference |
| Level | First Difference | |||||
t-stat | p-value | t-stat | p-value |
| t-stat | p-value | t-stat | p-value | |
FDI | −2.092 | 0.249 | −5.230* | 0.000 | 0.075 | 0.944 | −9.264* | 0.000 | |
EC | −1.548 | 0.489 | −9.568* | 0.000 | −1.435 | 0.541 | −9.568* | 0.000 | |
EX | −1.529 | 0.498 | −4.826* | 0.004 | −3.801 | 0.039* | −4.803* | 0.006 | |
OPEN | −1.512 | 0.505 | −3.217* | 0.035 | 1.262 | 0.999 | −4.393* | 0.013 | |
GOV | −0.911 | 0.761 | −5.363* | 0.000 | 2.591 | 0.287 | −4.741* | 0.008 | |
MZ | −1.573 | 0.472 | −6.171* | 0.000 | 0.881 | 0.932 | −6.458* | 0.000 | |