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