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)***