LICON

INPR

INPU

TRAD

REER

COCO

Demean

Trend

Demean

Trend

Demean

Trend

Demean

Trend

Demean

Trend

Demean

Trend

Stat

Stat

Stat

Stat

Stat

Stat

Stat

Star

Stat

Stat

Stat

Stat

Variable in level

LLC

−3.08**

−3.32**

−8.38**

−5.61**

−2.51**

−2.68**

−1.93*

−1.62

−0.91**

−0.99**

−3.54**

−2.40**

IPS

−2.67*

−2.26*

−3.76**

−5,09**

−1.73*

−2.39**

−1.88*

−2.81**

−0.77**

−1.82*

−1.75*

−1.59

HADRI

8.84**

15.38**

14.16**

4.92**

3.79**

7.24**

11.17

12.10**

29.34

9.26**

10.18**

6.48**

Variable in first difference

LLC

−5.68**

−3.47**

−5.61**

−4.01**

−6.44**

−5.44**

−6.87**

−5.29**

−6.15**

−5.18**

−5.34**

−3.78**

IPS

−6.26**

−6.11**

−8.04**

−7.28**

−5.64**

−5.57**

−6.56**

−6.74**

−5.96**

−5.72**

−5.02**

−5.14**

HADRI

−0.53

−0.65

−1.99

−2.70

−1.25

−0.97

−1.71

−1.92

−0.82

−0.01

−1.10

0.27