Skip to main content

Table 2 Panel unit root test

From: ICT diffusion and the finance–growth nexus: a panel analysis on ECOWAS countries

Variables

Breitung test

IPS test

Hadri test

Level

First Diff

Level

First Diff

Level

First Diff

GR

− 3.8384***

− 4.7332***

− 3.0755***

− 5.7087***

1.8027**

− 2.2789***

FIN

2.3133

− 5.3164**

1.3541

− 3.9961***

12.9999***

0.6378

ICTI

3.7598

− 1.6821***

− 2.9594***

− 6.0751***

18.3911***

− 0.1748

TOP

− 1.1951

− 4.3387***

0.3671

− 3.4774***

12.5738***

0.0709

  1. Gr, FIN, ICT and TOP represent growth rate of gross domestic product, financial development measured by credit to private sector as a ratio of GDP, information and communication technology index and degree of openness
  2. ***, **, *Statistical significance at 1%, 5% and 10%, respectively. The null hypotheses of Breitung and Im, Pesaran and Shin (IPS) tests are that the underlying series are non-stationary, while the Hadri null is that the series is stationary