Variable | LLC | IPS | MW | |||||
ADF-Fisher | PP-Fisher | |||||||
| Level | First. Deference | Level | First. Deference | Level | First. Deference | Level | First. Deference |
REMITT | 0.2357 (0.5932) | −1.9848 (0.0236)** | 1.3074 (0.9045) | −3.6394 (0.0001)*** | 5.85218 (0.9701) | 37.0018 (0.0002)*** | 27.9698 (0.0144)** | 106.135 (0.0000)*** |
GDP | −3.6870 (0.0001)*** | −5.6448 (0.0000)*** | −2.2479 (0.0123)** | −5.1670 (0.0000)*** | 25.6949 (0.0283)** | 50.5181 (0.0000)*** | 33.0266 (0.0029)** | 113.070 (0.0000)*** |
REER | −3.0349 (0.0012)** | −7.2449 (0.0000)*** | −1.8990 (0.0288)** | −5.1544 (0.0000)*** | 22.8115 (0.0634)* | 50.3274 (0.0000)*** | 32.9657 (0.0029)** | 94.0523 (0.0000)*** |
INVESTMENT | −2.4178 (0.0078)** | −4.3792 (0.0000)*** | −0.9366 (0.1745) | −3.9461 (0.0000)*** | 16.9993 (0.2562) | 39.7626 (0.0003)*** | 20.1832 (0.1245) | 73.3273 (0.0000)*** |
DOMESTICSAVINGS | −1.6912 (0.0454)** | −5.2353 (0.0000)*** | −0.4201 (0.3372) | −4.3362 (0.0000)*** | 16.7233 (0.2707) | 43.7270 (0.0001)*** | 16.9014 (0.2615) | 103.296 (0.0000)*** |
TOPEN | −1.9489 (0.0257)** | −4.3641 (0.0000)*** | −0.3731 (0.3545) | −3.2728 (0.0005)*** | 18.6611 (0.1783) | 34.088 (0.0020)** | 24.4299 (0.0406)** | 72.2726 (0.0000)*** |