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) |