Variable

Unit root at level

Unit root at first difference

Unit root at second difference

Null: Unit root (assumes common root process)

Levin, Lin & Chu t*—Prob.

FDI

1.0000

0.9923

0.0000

RER

1.0000

0.0000

0.0000

RERV

0.0000

0.0000

0.0000

GDPHOME

1.0000

0.0000

0.0000

GDPHOST

1.0000

1.0000

0.0000

BTRADE

0.0000

0.0000

0.0000

CB

0.0000

0.0000

0.0000

LPROD

0.0356

0.0000

0.0000

CORR

0.0001

0.0000

0.0000

DIST

Time invariant

CD

Time invariant