LDIVE

STAP

FBCF

TRAD

REER

COCO

Demean

Stat

Trend

Stat

Demean

Stat

Trend

Stat

Demean

Stat

Trend

Stat

Demean

Stat

Trend

Star

Demean

Stat

Trend

Stat

Demean

Stat

Trend

Stat

Variable in level

LLC

−3.08**

−3.32**

−0.20

−2.01*

−2.51**

−2.68**

−1.93*

−1.62

−0.91**

−0.99**

−3.54**

−2.40**

IPS

−2.67*

−2.26*

−0.27

−1.77*

−1.73*

−2.39**

−1.88*

−2.81**

−0.77**

−1.82*

−1.75*

−1.59

HADRI

8.84**

15.38**

16.22**

13.94**

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**

−5.74**

−5.20**

−6.44**

−5.44**

−6.87**

−5.29**

−6.15**

−5.18**

−5.34**

−3.78**

IPS

−6.26**

−6.11**

−6.34**

−6.25**

−5.64**

−5.57**

−6.56**

−6.74**

−5.96**

−5.72**

−5.02**

−5.14**

HADRI

−0.53

−0.65

−0.27

−1.33

−1.25

−0.97

−1.71

−1.92

−0.82

−0.01

−1.10

0.27