Table 4.

Outcomes of panel unit root test

Variables	CIPS		CADF
	At level	1st difference	At level	1st difference
LnEF	− 1.205	− 3.345***	− 1.883	− 2.907***
LnREM	− 2.814***	− 4.272***	− 3.588***	− 4.205***
LnFD	− 2.118	− 5.116***	− 2.346	− 3.900***
LnGDP	− 0.356	− 3.899***	− 0.809	− 2.239***
LnENG	− 2.465**	− 5.486***	− 1.898	− 4.439***
LnTE	− 0.625	− 4.476***	− 1.020	− 3.942***
LnURP	− 1.118	− 4.601***	− 1.261	− 2.761**

Note: ***, **, and * indicate significance level at 1%, 5%, and 10%