Table 5.
Stationary tests.
| Test |
CIPS test | Levin-Lin-Chu unit-root test |
Harris-Tzavalis unit-root test |
Im–Pesaran–Shin test |
Hadri LM test |
Fisher unit root test |
|||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Var. | Z-t-tilde-bar Statistic | p-value | Inverse chi-squared | p-value | Adjusted t* | p-value | Z-statistic | p-value | Z-statistic | p-value | |
| Full sample | |||||||||||
| SE | −2.130** | −1.128 | 0.129 | 4.102 | 1.000 | 4.918 | 1.000 | 105.1*** | 0.000 | 185.2 | 0.999 |
| Income | −2.164*** | −3.269*** | 0.001 | 8.666 | 1.000 | 9.805 | 1.000 | 124.0*** | 0.000 | 222.1 | 0.948 |
| Unem | −1.726 | −5.396*** | 0.000 | −0.341 | 0.366 | 2.125 | 0.983 | 72.03*** | 0.000 | 263.5 | 0.393 |
| Trade | −1.898 | −4.790*** | 0.000 | −3.657*** | 0.000 | −0.937 | 0.174 | 81.84*** | 0.000 | 283.6 | 0.130 |
| FDI | −3.178*** | −10.02*** | 0.000 | −19.48*** | 0.000 | −12.63*** | 0.000 | 11.83*** | 0.000 | 912.6*** | 0.000 |
| TR1 | −1.482 | −6.568*** | 0.000 | −4.301*** | 0.000 | −0.906 | 0.182 | 80.30*** | 0.000 | 358.9*** | 0.000 |
| TR2 | −1.748 | −6.996*** | 0.000 | −3.557*** | 0.000 | −2.033** | 0.021 | 82.67*** | 0.000 | 464.6*** | 0.000 |
| TR3 | −1.747 | −6.176*** | 0.000 | −8.634*** | 0.000 | −2.788*** | 0.003 | 62.51*** | 0.000 | 468.5*** | 0.000 |
| TR4 | −2.201*** | −5.084*** | 0.000 | −3.929*** | 0.000 | −0.638 | 0.261 | 84.48*** | 0.000 | 389.7*** | 0.000 |
| TR5 | −1.899 | −7.977*** | 0.000 | −8.051*** | 0.000 | −1.996** | 0.023 | 66.57*** | 0.000 | 483.0*** | 0.000 |
| LMEs | |||||||||||
| SE | −2.456*** | 0.061 | 0.524 | 2.710 | 0.996 | 4.393 | 1.000 | 66.35*** | 0.000 | 64.43 | 0.999 |
| Income | −1.909 | 2.005 | 0.977 | 0.985 | 1.000 | 12.07 | 1.000 | 79.55*** | 0.000 | 45.52 | 1.000 |
| Unem | −1.787 | −2.624*** | 0.004 | −0.622 | 0.266 | 3.154 | 0.999 | 54.39*** | 0.000 | 102.4 | 0.631 |
| Trade | −2.270*** | −2.403*** | 0.008 | −3.847*** | 0.000 | −0.591 | 0.277 | 52.56*** | 0.000 | 119.4 | 0.212 |
| FDI | −3.184*** | −5.713*** | 0.000 | −10.97*** | 0.000 | −6.678*** | 0.000 | 24.54*** | 0.000 | 305.6*** | 0.000 |
| TR1 | −2.094** | −3.080*** | 0.001 | −4.230*** | 0.000 | −0.849 | 0.197 | 48.64*** | 0.000 | 143.0** | 0.013 |
| TR2 | −2.148** | −4.587*** | 0.000 | −1.285* | 0.099 | −1.881** | 0.029 | 56.73*** | 0.000 | 160.1*** | 0.001 |
| TR3 | −2.391*** | −3.875*** | 0.000 | −5.193*** | 0.000 | −2.115** | 0.017 | 43.06*** | 0.000 | 207.5*** | 0.000 |
| TR4 | −2.337*** | −4.612*** | 0.000 | −2.353*** | 0.009 | −2.294** | 0.011 | 57.47*** | 0.000 | 139.9** | 0.021 |
| TR5 | −1.780 | −4.604*** | 0.000 | −9.078*** | 0.000 | −2.469*** | 0.007 | 32.28*** | 0.000 | 174.6*** | 0.000 |
| UMEs | |||||||||||
| SE | −1.998 | −1.747** | 0.040 | 1.961 | 0.975 | 2.267 | 0.988 | 55.18*** | 0.000 | 38.53 | 0.997 |
| Income | −1.666 | −5.079*** | 0.000 | 4.481 | 1.000 | 5.917 | 1.000 | 65.11*** | 0.000 | 23.34 | 1.000 |
| Unem | −2.069* | −3.810*** | 0.000 | 0.397 | 0.654 | −0.855 | 0.196 | 47.68*** | 0.000 | 75.37 | 0.201 |
| Trade | −1.637 | −3.590*** | 0.000 | −2.259** | 0.011 | −1.150 | 0.125 | 37.41*** | 0.000 | 86.03 | 0.049 |
| FDI | −3.000*** | −5.913*** | 0.000 | −7.818*** | 0.000 | −6.515*** | 0.000 | 13.69*** | 0.000 | 219.6 | 0.000 |
| TR1 | −2.101* | −5.070*** | 0.000 | −2.675*** | 0.003 | −2.180** | 0.014 | 39.19*** | 0.000 | 137.9 | 0.000 |
| TR2 | −1.883 | −2.078** | 0.018 | −4.027*** | 0.000 | −2.533*** | 0.006 | 34.92*** | 0.000 | 159.6 | 0.000 |
| TR3 | −2.100* | −2.447*** | 0.007 | −4.750*** | 0.000 | −2.058** | 0.019 | 26.77*** | 0.000 | 162.0 | 0.000 |
| TR4 | −2.110** | −1.848** | 0.032 | −2.100** | 0.017 | −1.054 | 0.145 | 41.65*** | 0.000 | 140.3 | 0.000 |
| TR5 | −1.826 | −3.510*** | 0.000 | −0.475 | 0.317 | −0.021 | 0.491 | 44.62*** | 0.000 | 155.5 | 0.000 |
| HIEs | |||||||||||
| SE | −1.689 | −0.295 | 0.383 | 2.441 | 0.992 | 1.629 | 0.948 | 60.08 | 0.000 | 82.29 | 0.532 |
| Income | −1.885 | −5.187 | 0.000 | 3.130 | 0.999 | −1.757 | 0.039 | 66.06 | 0.000 | 153.3*** | 0.000 |
| Unem | −1.478 | −6.117 | 0.000 | −0.455 | 0.324 | 0.905 | 0.817 | 28.06 | 0.000 | 85.65 | 0.429 |
| Trade | −1.725 | −2.597 | 0.005 | −0.310 | 0.378 | 0.048 | 0.519 | 49.67 | 0.000 | 78.21 | 0.657 |
| FDI | −3.419*** | −6.264 | 0.000 | −11.23*** | 0.000 | −8.796 | 0.000 | 5.829 | 0.000 | 387.3*** | 0.000 |
| TR1 | −2.263*** | −3.867 | 0.000 | 1.436 | 0.924 | 1.307 | 0.904 | 55.52 | 0.000 | 77.88 | 0.667 |
| TR2 | −2.126** | −5.017 | 0.000 | −0.557 | 0.288 | 0.815 | 0.792 | 51.16 | 0.000 | 144.8*** | 0.000 |
| TR3 | −2.007 | −4.334 | 0.000 | −6.150*** | 0.000 | −0.664 | 0.253 | 33.73 | 0.000 | 98.97 | 0.126 |
| TR4 | −2.347*** | −2.495 | 0.006 | −2.673*** | 0.004 | 2.417 | 0.992 | 40.78 | 0.000 | 109.4** | 0.032 |
| TR5 | −2.024 | −5.649 | 0.000 | −4.198*** | 0.000 | −0.679 | 0.248 | 34.92 | 0.000 | 152.9*** | 0.000 |
Notes: In Pesaran Panel Unit Root Test (CIPS test): H0 (homogeneous non-stationary): bi = 0 for all I; In Im-Pesaran-Shin unit-root test: Ho: All panels contain unit roots, Ha: Some panels are stationary; In Fisher-type unit-root test: Ho: All panels contain unit roots, Ha: At least one panel is stationary; In Levin-Lin-Chu unit-root test: Ho: Panels contain unit roots, Ha: Panels are stationary; In Harris-Tzavalis unit-root test: Ho: Panels contain unit roots, Ha: Panels are stationary; In Hadri LM test: Ho: All panels are stationary, Ha: Some panels contain unit roots. *, **, *** are significant levels at 10 %, 5 %, and 1 %, respectively.