Table 2.

Panel-data unit-root tests.

Variable	Harris-Tzavalis unit-root test	Levin-Lin-Chu unit-root test
	t-statistic	bias-adjusted t-statistic
Δln loans	-0.0022∗∗∗	-10.0567∗∗∗
$\Delta \mathbf{D}{\mathbf{e}\mathbf{p}\mathbf{o}\mathbf{s}\mathbf{i}\mathbf{t}}_{\mathbf{i}}$	-0.1670∗∗∗	-7.7332∗∗∗
${\mathbf{s}\mathbf{i}\mathbf{z}\mathbf{e}}_{\mathbf{i}}$	0.0427∗∗∗	-17.9259∗∗∗
${\mathbf{C}\mathbf{a}\mathbf{p}}_{\mathbf{i}}$	0.1559∗∗∗	-10.3740∗∗∗
${\mathbf{L}\mathbf{L}\mathbf{P}}_{\mathbf{i}}$	0.3187∗	-5.6876∗∗∗
${\mathrm{a}\mathrm{L}\mathrm{e}\mathrm{r}\mathrm{n}\mathrm{e}\mathrm{r}}_{\mathbf{i}}$	-0.3964∗∗∗	-7.0472∗∗∗
${\mathbf{E}\mathbf{f}\mathbf{f}\mathbf{i}\mathbf{c}\mathbf{i}\mathbf{e}\mathbf{n}\mathbf{c}\mathbf{y}}_{\mathbf{i}}$	0.2501∗∗∗	-9.4323∗∗∗
$\Delta \mathbf{i}\mathbf{L}\mathbf{e}\mathbf{n}\mathbf{d}\mathbf{i}\mathbf{n}\mathbf{g}\mathbf{r}\mathbf{a}\mathbf{t}\mathbf{e}$	-0.2888∗∗∗	-6.8677∗∗∗
$\Delta \mathbf{i}\mathbf{D}\mathbf{e}\mathbf{p}\mathbf{o}\mathbf{s}\mathbf{i}\mathbf{t}\mathbf{r}\mathbf{a}\mathbf{t}\mathbf{e}$	-0.2770∗∗∗	-3.4158∗∗∗
$\mathbf{G}\mathbf{D}\mathbf{P}$	0.1748∗∗∗	-7.6737∗∗∗
$\mathbf{INF}$	-0.1767∗∗∗	-11.9172∗∗∗

Note: ∗∗∗ and ∗ denote the rejection of the unit root hypothesis at the 1% and 10% significance levels, respectively.