Variable

ADF Z-stat. in level

MacKinnon approximate p-value for Z(t)

ADF Z-stat. in first diff.

MacKinnon approximate p-value for Z(t)

Order of Integration

logarithm of GDP per worker

−1.565

0.5014

−3.427**

0.0101

I(I)

logarithm of gross fixed capital formation per worker

−2.657*

0.0817

−5.790***

0.0000

I(1)

logarithm of human capital per worker

−3.743***

0.0035

-

-

I(0)

population growth

−2.976

0.1388

−4.071

0.0011

I(1)

inflation

−3.127**

0.0246

-

-

I(0)

domestic credit

−2.377

0.1483

−3.692***

0.0042

I(1)

openness

−1.329

0.6158

−3.923***

0.0019

I(1)

financial deepening

0.673

0.9893

−4.771***

0.0001

I(1)

lending interest rate

−2.717*

0.0712

−3.635***

0.0051

I(1)

logarithm of foreign direct investment

−2.411

0.1386

−3.158**

0.0225

I(1)