Table 5.

CIPS unit root test results.

Variables	Full panel		HIC		UMIC		LMIC		LIC
	I(0)	I(1)	I(0)	I(1)	I(0)	I(1)	I(0)	I(1)	I(0)	I(1)
CO2	−1.52	−4.65***	−1.74	−4.71***	−1.44	−4.18***	−2.21**	−4.63***	−1.08	−3.86***
CGI	−1.69	−3.52***	−1.57	−3.48***	−1.26	−3.99***	−1.79	−4.08***	−1.26	−4.37***
EGY	−1.54	−4.44***	−1.56	−4.56***	−1.38	−4.13***	−1.86	−4.79***	−0.84	−3.65***
EG	−3.57***	−5.45***	−3.65***	−5.31***	−0.89	−3.97***	−3.24***	−5.56***	−1.33	−4.17***
FDI	−2.28***	−4.49***	−2.00	−4.49***	−3.47***	−5.09***	−2.49***	−4.98***	−4.05***	−6.02***
HDI	−2.05*	−3.60***	−1.92	−3.99***	−3.54***	−5.12***	−2.22**	−2.75***	−0.99	−3.67***
PGR	−1.80	−3.67***	−1.75	−3.75***	−1.04	−3.99***	−1.31	3.70***	−1.45	−4.29***
TOP	−1.60	−4.21***	−1.63	−4.02***	−1.62	−4.22***	−1.81	−4.49***	−3.59***	−4.78***
URB	−0.75	−3.26***	−0.81	−2.21***	−1.18	−4.15***	−1.17	−4.11***	−1.11	−3.79***

***, **, and * indicate significance at 1%, 5%, and 10%, respectively.