| Variables |
LCC |
IPS |
Fisher-ADF |
Fisher-PP |
| Level |
First Difference |
Level |
First Difference |
Level |
First Difference |
Level |
First Difference |
| FD |
-2.42*
(0.00) |
-7.53*
(0.00) |
-0.58
(0.28) |
-8.09*
(0.00) |
-0.15
(0.28) |
-7.50*
(0.00) |
-0.38
(0.34) |
-10.72*
(0.00) |
| EFCCP |
0.37
(0.64) |
-4.46*
(0.00) |
2.82
(0.99) |
-8.25*
(0.00) |
2.81
(0.99) |
-7.43*
(0.00) |
2.95
(0.99) |
-10.13*
(0.00) |
| GDP |
6.64
(1.00) |
-1.68**
(0.04) |
10.19
(1.00) |
-6.50*
(0.00) |
8.57
(1.00) |
-6.23*
(0.00) |
9.67
(1.00) |
-10.78*
(0.00) |
| ECGI |
-1.59**
(0.05) |
-8.50*
(0.00) |
-2.20
(0.41) |
-8.43*
(0.00) |
-0.16
(0.43) |
-7.56*
(0.00) |
-0.01
(0.49) |
-9.45*
(0.00) |
| POP |
-3.79*
(0.00) |
6.43
(1.00) |
-0.39
(0.34) |
5.34
(1.00) |
-1.88**
(0.02) |
4.94
(1.00) |
-8.13*
(0.00) |
4.89
(1.00) |