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First generation unit root (on log).
| Variable | IPS | ADF-Fisher |
|---|---|---|
| BIOCAPit | -6.1845∗∗∗ | 55.0098∗∗∗ |
| EFPCit | -5.5999∗∗∗ | 49.6483∗∗∗ |
| EUSEit | -5.1466∗∗∗ | 45.5413∗∗∗ |
| FDIit | -5.5967∗∗∗ | 49.0479∗∗∗ |
| GDP_PCit | -12.1739∗∗∗ | 109.775∗∗∗ |
| GINIit | -5.5139∗∗∗ | 48.2357∗∗∗ |
| HDIit | -2.8541∗∗∗ | 25.4764∗∗∗ |
| TOit | -4.9094∗∗∗ | 43.1610∗∗∗ |
Note: ‘∗’, ‘∗∗’, ‘∗∗∗’ signify 90%, 95% and 99% level of statistical significance, respectively.
