Table 4.

Results of the CIPS unit root test.

Variables	Level		First differences
	Constant	Constant + Trend	Constant	Constant + Trend
LNLEI	−1.342	−1.387	−8.335**	−9.012**
LNEF	−1.105	−1.329	−6.667**	−7.375**
LNEDU	−1.411	−1.503	−7.265**	−8.316**

^**It is significant at 5% significance level.