Table 4.

Cross-sectionally augmented panel unit root (CIPS) test results.

Variable	No Trend	Trend
lnC	−2.52	−2.82 ***
lny	−2.69 *	−1.93
lnOP	−1.75	−1.65
lnP	−1.06	−1.40
lnMAF	2.60	1.70
lnSVC	2.61	1.70
lnP0014	−2.34	−1.46
lnP65	−2.20	−0.61
lnA0014	−2.35	−2.06
lnO65	−2.19	−0.98

***: p-value < 0.01, *: p-value < 0.10.