Table 7. Unit root of individual variables (level).
| Level | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Individual intercept | Individual intercept and trend | ||||||||||
| Variables | CR | Individual root | Hadri | CR | Individual root | Hadri | |||||
| LLC | IPS | ADF | PP | LLC | Breitung | IPS | ADF | PP | |||
| GDP | 8.739 | 13.65 | 16.039 | 17.32 | 19.797*** | 3.537** | 6.503 | 5.835 | 31.959** | 40.602** | 15.174*** |
| GDPC | -13.66*** | -12.975*** | 280.248*** | 380.343*** | 4.285*** | -13.69*** | -14.14*** | -12.784*** | 263.21*** | 425.104*** | 2.308*** |
| CESFC | 3.314** | 3.172** | 49.643** | 51.126** | 17.197*** | 1.202** | 6.941 | 2.330** | 60.639** | 64.380** | 13.552*** |
| CEGFC | 3.025** | 6.834 | 18.342 | 25.46** | 16.917*** | 4.958 | 7.018 | 5.049 | 41.332** | 44.202** | 7.476*** |
| CELFC | 2.695** | 3.300** | 59.771** | 55.412** | 16.591*** | -1.041** | 2.297** | 1.086** | 59.143** | 36.310** | 9.302*** |
| CE | -4.601*** | -1.436** | 74.517** | 89.044*** | 16.995*** | -0.633** | -0.7237*** | -0.783** | 67.931** | 83.414*** | 11.111*** |
| CEMIC | 3.992*** | 6.072 | 26.559** | 28.959** | 17.839*** | 2.607*** | 6.2 | 3.839** | 36.388** | 39.174** | 14.375*** |
| ME | 1.475** | 2.156** | 42.353** | 68.413** | 18.215*** | -1.518** | -1.482** | -2.352** | 81.068** | 102.354*** | 7.125*** |
| AET | -2.149*** | -3.04*** | 79.523 | 110.819 | 11.871*** | .717** | -5.135*** | -1.167*** | 61.545 | 87.606 | 3.010*** |
| MI | 3.707** | 5.879 | 37.712** | 52.798** | 18.826*** | -2.416** | 2.854** | -2.118** | 88.14** | 113.464*** | 13.400*** |
| AIT | -6.969*** | -8.674*** | 185.301*** | 248.052*** | 6.569*** | -6.696*** | -5.215*** | -6.628*** | 139.403*** | 203.930*** | 7.207*** |
| CSE | 11.033 | 14.16 | 3.186 | 1.533 | 19.175 | 2.628** | 6.902 | 5.625 | 19.432 | 15.76 | 14.747*** |
| IGD | -5.321*** | -6.227*** | 147.989*** | 202.607*** | 2.050** | -6.39*** | -5.44*** | -6.066*** | 144.463*** | 204.946*** | 7.540*** |
| CR | -3.471*** | -3.471*** | 72.654*** | 117.598*** | 4.397*** | -3.677*** | -3.956*** | -2.407 | 61.733** | 81.987*** | 9.117*** |
| IF | -2.095*** | -2.917*** | 96.901*** | 113.746*** | 11.374*** | -6.89*** | -3.299*** | -4.257*** | 107.359*** | 127.867*** | 127.867*** |
| MIE | -3.048** | -0.505** | 62.802** | 60.849** | 15.849*** | -1.574*** | -1.968*** | -0.695 | 60.823 | 68.363 | 8.344*** |
| AL | -1.654** | 3.599** | 39.238** | 53.892** | 14.337*** | -0.876** | 1.459** | 1.960** | 38.680** | 45.758** | 12.985** |
Source: Computation by authors. Note: Please see, Table 2 for the variable’s definition
*** specifies the statistically significant at 1% levels.
** specifies the statistically significant at 5% levels.
* specifies the statistically significant at 10% levels.