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