Table 5.

Unit root tests.

	LLC		HT		IPS		Breitung		CIPS
	Stat.	P-value	Stat.	P-value	Stat.	P-value	Stat.	P-value	Stat.
REC%	−3.127	0.001	0.943	0.907	0.009	0.503	4.504	1.000	−1.653
Δ REC%	−2.871	0.002	0.218	0.000	−5.700	0.000	−4.894	0.000	−4.314
LGDPpc	−0.949	0.171	0.989	0.993	4.680	1.000	8.824	1.000	−1.749
Δ LGDPpc	−4.716	0.000	0.221	0.000	−5.396	0.000	−3.787	0.000	−3.392
FD	3.305	1.000	0.999	0.997	4.702	1.000	4.435	1.000	−2.129
Δ FD	−5.193	0.000	−0.006	0.000	−7.086	0.000	−4.651	0.000	−4.426
GCF%	−1.941	0.026	0.847	0.150	−0.265	0.395	−1.613	0.053	−1.657
Δ GCF%	−5.497	0.000	0.031	0.000	−6.878	0.000	−6.024	0.000	−5.019

Notes: H0) X is not stationary. LLC: Levin-Lin-Chu, HT: Harris-Tzavalis, IPS: Im-Pesaran-Shin.

Pesaran's CIPS Critical values: -2.21 (at 10%), −2.33 (at 5%), −2.57 (at 1%).