LLC

Test (t-statistic)

IPS

Test (t-statistic)

LLC

Test (t-statistic)

IPS

Test (t-statistic)

Order

level

1^ST Difference

PI

−3.084

(0.001)

−3.372

(0.0003)

−6.7158

(0.0000)

−5.7547

(0.0000)

I (0)

PD

−2.013

(0.022)

−2.605

(0.0414)

−3.2129

(0.0007)

−3.5842

(0.0001)

I (1)

FDI

−1.382

(0.083)

−2.970

(0.0025)

−4.6783

(0.0000)

−7.1446

(0.0000)

I (1)

COR

−2.1544

(0.0156)

−2.7539

(0.008)

−2.9228

(0.0017)

−4.8725

(0.0000)

I (1)

RINT

−4.666

(0.000)

−6.5737

(0.0000)

I (0)

CP

−1.9334

(0.0266)

−2.1535

(0.0684)

−3.2602

(0.0006)

−5.0612

(0.0000)

I (1)

HC

−0.0712

(0.4716)

−2.701

(0.0095)

−0.9655

(0.1672)

−6.3866

(0.0000)

I (1)

Trade

−3.5859

(0.0002)

−4.339

(0.000)

−11.8764

(0.0000)

−8.1651

(0.0000)

I (0)

INF

−4.8041

(0.0000)

−5.189

(0.000)

−7.3573

(0.0000)

−6.9804

(0.0000)

I (0)