Table 5.

Panel unit-root tests.

Variable	Constant	Constant & trend	Constant	Constant & trend
	At Levels		First Difference
IM-Pesaran-Shin Unit Root Tests
$\mathrm{lnEF}$	-1.950	-0.996	-8.312∗∗∗	-8.852∗∗∗
$\mathrm{lnGDP}$	-2.158∗∗	-0.188	-5.234∗∗∗	-5.944∗∗∗
${\mathrm{lnGDP}}^2$	-1.980∗∗	-0.194	-5.285∗∗∗	-5.970∗∗∗
$\mathrm{lnREI}$	-1.051	-2.903∗∗∗	-8.510∗∗∗	-8.562∗∗∗
$\mathrm{lnRE}$	-2.863∗∗∗	-2.443∗∗	-8.322∗∗∗	-8.430∗∗∗
CIPS Panel Unit Root Tests
$\mathrm{lnEF}$	-2.715∗∗∗	-2.787∗∗∗	-5.453∗∗∗	-5.544∗∗∗
$\mathrm{lnGDP}$	-1.341	-1.771	-2.985∗∗∗	-2.873∗∗∗
${\mathrm{lnGDP}}^2$	-1.329	-1.748	-2.980∗∗∗	-2.873∗∗∗
$\mathrm{lnREI}$	-3.064	-3.087	-5.688∗∗∗	-5.792∗∗∗
$\mathrm{lnRE}$	-2.043	-2.616	-5.225∗∗∗	-5.433∗∗∗

Note: ∗∗∗ and ∗∗ indicate rejection of the null hypothesis at 1% and 5% significance level respectively.