Level

Difference

Variables

LLC

IPS

LLC

IPS

lnINDU

1.158**

1.801**

12.317***

14.175***

lnFDI

16.215***

9.993***

14.883***

17.929***

lnTNR

2.390**

2.951**

11.795***

14.147***

lnTO

1.868**

2.013**

10.534***

13.957***

lnFD

2.405**

2.381***

20.479***

21.470***

lnHC

3.911**

9.166***

19.527***

18.524***

lnINF

8.342***

9.006***

21.110***

23.135***