Variable

LLC test

IPS test

ADF test

PP-Fisher test

LnGDP

−0.34424

(0.3653)**

5.07864

(1.0000)* *

8.37431

(1.0000)**

6.93169

(1.0000)**

ΔLnGDP

−25.3064

(0.0000)**

−12.5603

(0.0000)**

125.554

(0.0000)**

134.834

(0.0000)**

LnREI

−5.09708

(0.0000)**

0.18295

(0.5726)**

28.8456

(0.6270)**

49.1685

(0.0268)**

ΔLnREI

−8.79931

(0.0000)**

−7.50299

(0.0000)**

114.362

(0.0000)**

130.928

(0.0000)**

LnINF

−2.96376−

(0.0015)**

2.69346

(0.9965)**

19.6971

(0.9761)**

13.7760

(0.9992)**

ΔLnINF

−7.48415

(0.0000)**

−5.89356

(0.0000)**

96.1887

(0.0000)**

98.6457

(0.0000)**

LnTEC

−1.46581

(0.0713)**

1.69675

(0.9551)**

17.0436

(0.9932)**

18.4390

(0.9863)**

ΔLnTEC

−8.53638

(0.0000)**

−8.28401

(0.0000)**

133.847

(0.0000)**

125.490

(0.0000)**