TABLE 5.

Unit root test

	Dickey‐Fuller test				Philip‐Perron
Variable	Level	p	First diff.	p	Level	p	First diff.	p
LRGDP	−0.211	.9373	−3.370	.0120	−0.464	.8989	−3.564	.0065
LCAP	−1.398	.5830	−4.726	.0001	−1.414	.5754	−4.683	.0001
LLAB	2.669	.9991	−9.122	.0000	2.515	.9991	−7.467	.0000
LTOT	−1.203	.6722	−4.925	.0000	−1.074	.7252	−4.947	.0000
LFDI	−3.184	.0209	−6.675	.0000	−3.307	.0146	−7.063	.0000
LHEA	−2.455	.1269	−3.502	.0079	−2.609	.0911	−3.537	.0071
LLEXP	2.427	.9990	−0.891	.7909	1.265	.9964	−7.877	.0000
LDRT	6.067	1.0000	−7.446	.0000	3.104	1.0000	−7.101	.0000