Table 8.

PANIC unit root test

Tests	Intercept		Int&Trend		Intercept		Int&Trend
	Stat.	p-value	Stat.	p-value	Stat.	p-value	Stat.	p-value
	Developing countries
	EC				LNGDPPC
Pa	−0.708	0.240	−1.730	0.042	1.880	0.970	0.551	0.709
Pb	−0.537	0.296	−1.340	0.090	2.555	0.995	0.630	0.736
PMSB	−0.589	0.278	−0.848	0.198	2.219	0.987	0.712	0.762
	LNTM				LNPAT
Pa	−4.437	0.000	−1.412	0.079	−1.061	0.144	−0.570	0.284
Pb	−2.165	0.015	−1.159	0.123	−0.846	0.199	−0.515	0.303
PMSB	−1.382	0.084	−0.775	0.219	−0.480	0.316	−0.352	0.363
	LNTRADE				LNTCO2
Pa	−3.520	0.000	−0.559	0.288	−1.869	0.031	1.047	0.852
Pb	−1.815	0.035	−0.508	0.306	−1.549	0.061	1.445	0.926
PMSB	−1.229	0.110	−0.383	0.351	−0.561	0.288	1.947	0.974
	LNGDPPC2				LNURBAN
Pa	1.966	0.975	0.220	0.587	−4.528	0.000	−0.989	0.161
Pb	2.633	0.996	0.233	0.592	−2.338	0.010	−0.826	0.204
PMSB	2.077	0.981	0.255	0.601	−1.052	0.146	−0.591	0.277
	LNFD
Pa	−3.556	0.000	−1.333	0.091
Pb	−1.661	0.048	−1.105	0.135
PMSB	−1.394	0.082	−0.763	0.223
	Developed countries
	EC				GDPPC
Pa	0.617	0.731	−1.356	0.088	−1.052	0.146	−0.855	0.196
Pb	20.497	1.000	−1.225	0.110	−64.530	0.000	−0.826	0.204
PMSB	1.792	0.963	−0.544	0.293	−0.491	0.312	−0.239	0.406
	TM				PAT
Pa	0.752	0.774	1.544	0.939	1.420	0.922	−1.706	0.044
Pb	38.234	1.000	2.606	0.995	46.343	1.000	−1.540	0.062
PMSB	6.885	1.000	4.823	1.000	1.155	0.876	−0.612	0.270
	TRADE				TCO2
Pa	−1.090	0.138	−1.126	0.130	−2.786	0.003	−0.481	0.315
Pb	−50.177	0.000	−1.065	0.143	−81.928	0.000	−0.485	0.314
PMSB	−0.069	0.473	−0.387	0.349	−0.871	0.192	0.004	0.502
	GDPPC2				URBAN
Pa	0.773	0.780	−0.080	0.468	−1.090	0.138	−1.443	0.075
Pb	1.251	0.895	−0.087	0.465	−50.177	0.000	−1.275	0.101
PMSB	2.099	0.982	0.510	0.695	−0.069	0.473	−0.613	0.270
	FD
Pa	1.569	0.942	−1.468	0.071
Pb	67.356	1.000	−1.341	0.090
PMSB	0.853	0.803	−0.529	0.298