Table 4.
Second generation unit root (on log).
| Variable | Level |
First Difference |
||
|---|---|---|---|---|
| CIPS | CADF | CIPS | CADF | |
| BIOCAPit | -1.652 | -0.724 | -5.967∗∗∗ | -4.286∗∗∗ |
| EFPCit | -2.686∗∗∗ | -2.461∗ | -4.932∗∗∗ | -2.738∗∗ |
| EUSEit | -1.136 | -1.136 | -4.175 ∗∗∗ | -2.409∗ |
| FDIit | -2.108 | -2.097 | -4.547∗∗∗ | -4.049∗∗∗ |
| GDP_PCit | -4.261∗∗∗ | -3.358∗∗∗ | -6.19∗∗∗ | -5.522∗∗∗ |
| GINIit | -1.764 | -1.784 | -5.108∗∗∗ | -3.386∗∗∗ |
| HDIit | -1.469 | -1.107 | -4.408∗∗∗ | -2.407∗ |
| TOit | -1.851 | -1.855 | -4.573∗∗∗ | -3.138∗∗∗ |
Note: ‘∗’, ‘∗∗’, ‘∗∗∗’ signify statistical significance at 10%, 5% and 1% levels, respectively.