| Level |
---|
LLC | IPS |
---|
FDI | − 12.29*** (0.00) | − 12. 46*** (0.00) |
WPUI | − 7.26*** (0.00) | − 6.80*** (0.00) |
LGDP | − 2.81*** (0.00) | − 1.40* (0.07) |
LEXC | − 4.03*** (0.00) | − 2.63*** (0.00) |
- L denotes logarithmic transformation. The numbers in parentheses are probability values
- *And *** indicates that the Null hypothesis is rejected at 10% and 1% significance level, respectively. Lag length has been chosen 1 according to the AIC