Table 3.

Zivot and Andrews Test of unit root

Variable(s)	Stationarity	T-test	Breaks	Order
CO2e	Level	− 2.45	2011	I(1)
	1st Diff	− 7.715	2008
TOR	Level	− 4.742	2006	I(1)
	1st Diff	− 6.806	2004
Y	Level	− 3.667	2005	I(1)
	1st Diff	− 5.405	2004
FDI	Level	− 4.15	2004	I(1)
	1st Diff	− 4.82	2008
RE	Level	− 2.497	2010	I(1)
	1st Diff	− 7.131	2003

Critical values at 1%, 5% and 10% are − 5.34, − 4.80 and − 4.58