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 | −1.591 | 0.468 | −5.238* | 0.000 | −1.502 | 0.793 | −5.071* | 0.000 | |
EC | −1.596 | 0465 | −4.204* | 0.004 | 0.236 | 0.996 | −6.046* | 0.000 | |
EX | −1.334 | 0.592 | −5.940* | 0.000 | −2.926 | 0.175 | −4.978* | 0.004 | |
OPEN | −0.117 | 0.934 | −8.569* | 0.000 | −0.293 | 0.984 | −4.553* | 0.009 | |
GOV | −0.317 | 0.906 | −5.363* | 0.000 | −1.910 | 0.612 | −5.897* | 0.000 | |
MZ | −0.271 | 0.913 | −5.564* | 0.000 | −2.600 | 0.283 | −5.363* | 0.002 | |