Table 4.

Results of unit root test

Variables	LLC	HT	IPS
HM	−4.4283***	−24.6546***	−8.7413***
DG	−7.7978***	−31.4789***	−10.0145***
SU	−9.1082***	−31.9870***	−9.8951***
UR	−19.0295***	−37.8036***	−10.9775***
MR	−1.3362*	−27.3272***	−9.1540***
GS	−4.9488***	−31.4838***	−9.6727***
FDI	−16.7464***	−34.7669***	−10.4075***

***p<0.01, **p<0.05, *p<0.1