Table 3.
Unit root test.
| Variable | Dickey-Fuller Test |
Philip-Perron |
||||||
|---|---|---|---|---|---|---|---|---|
| Level | p-value | 1st diff. | p-value | Level | p-value | 1st diff. | p-value | |
| lnGDP | 0.532 | 0.9858 | -4.488 | 0.0002∗∗∗ | 0.356 | 0.9798 | -4.565 | 0.0001∗∗∗ |
| lnFDI | -3.700 | 0.0041∗∗∗ | -3.679 | 0.0044∗∗∗ | ||||
| lnTO | -1.687 | 0.4380 | -5.591 | 0.0000∗∗∗ | -1.754 | 0.4037 | -5.588 | 0.0000∗∗∗ |
| lnEXR | -1.569 | 0.4991 | -5.436 | 0.0000∗∗∗ | -1.508 | 0.5293 | -5.418 | 0.0000∗∗∗ |
| lnED | -1.252 | 0.6507 | -6.072 | 0.0000∗∗∗ | -1.242 | 0.6554 | -6.074 | 0.0000∗∗∗ |
Note: ∗∗∗ denotes statistical significance at 1% level. Legend: GDP is the real gross domestic product (constant 2010, US$), FDI signifies foreign direct investment net inflow (% of GDP), TO signifies trade as a % of GDP, ED is the external debt stocks and EXR represents the official exchange rate.