Country

Variables

ADF Z-stat. in level

ADF Z-stat. in first diff.

Order of Integration

Uganda

Logarithm of total employment

1.157

−2.951**

I (1)

Logarithm of GDP

−1.413

−3.414**

I (1)

Logarithm of domestic credit

−1.692

−3.182**

I (1)

Logarithm of FDI

−1.902

−3.509***

I (1)

Population growth

−1.020

−2.898**

I (1)

Inflation

−3.846***

-

I (0)

Lending interest rate

−2.855*

−3.489**

I (1)

Kenya

Logarithm of total employment

−0.272

−3.521**

I (1)

Logarithm of GDP

−1.358

−3.125 **

I (1)

Logarithm of domestic credit

−1.451

−3.020**

I (1)

Logarithm of FDI

−1.921

−4.761***

I (1)

Population growth

−0.579

−3.691***

I (1)

Inflation

−4.036***

-

I (0)

Lending interest rate

−2.963**

-

I (0)

Tanzania

Logarithm of total employment

0.744

−2.891**

I (1)

Logarithm of GDP

−0.829

−3.398**

I (1)

Logarithm of domestic credit

−2.619*

−3.726**

I (1)

Logarithm of FDI

−2.383

−4.324 ***

I (1)

Population growth

−9.123***

-

I (0)

Inflation

−2.694*

−3.879 ***

I (1)

Lending interest rate

−2.855*

−3.489***

I (1)