LLC

IPS

Variables

With Trend

With Constant

No constant

With Trend

With Trend

Decision

Cc

−5.08244***

−4.11829***

0.41559

−2.98932***

−2.41417**

I(0)

Fbcf

−5.45003***

−6.65156***

−8.59600***

−3.13796***

−3.42222***

I(0)

Eg

−8.58271***

−1.7214**

0.49012

−6.81131***

−1.36825

I(0)

Ide

−3.17300***

−3.26317***

−3.13072***

−2.58521**

−2.04856**

I(0)

Sp

−2.58917**

−0.45322

−3.29195***

−3.5465***

−3.71901***

I(0)/ I(1)

Qr

−1.34365

−1.81046**

0.38983

−3.34908***

−1.08426

I(0)/ I(1)

Rl

−0.73181

−3.09459**

−1.42030

−2.92587**

−2.26835**

I(0)/ I(1)

Go to

−4.54152***

−3.69064***

0.67671

−2.92266**

−2.17987**

I(0)

GDP

−1.61720

−3.65175***

−0.74851

−4.27690***

−2.73947***

I(1)/I(2)

Popact

66.5460

80.7484

−2.37867**

−0.19615

3.85631

I(2)