Table 6 Fisher Type Panel Unit Root Test at 5% significance level.
Variable | ADF Inverse Chi-Square Test Statistic | Decision | Order of integration at 5% level | ||
|---|---|---|---|---|---|
| Â | No Drift and Trend | Drift | Trend | Â | Â |
LnACGDP | 75.784 | 164.602*** | 106.200*** | \(\mathrm{Reject }{\mathrm{H}}_{0}\) | \(I(0)\) |
LnMCGDP | 109.161*** | 159.259*** | 138.294*** | \(\mathrm{Reject }{\mathrm{H}}_{0}\) | \(I(0)\) |
LnCPS | 61.673 | 145.765*** | 194.959*** | \(\mathrm{Reject }{\mathrm{H}}_{0}\) | \(I(0)\) |
LnINTR | 487.738*** | 289.461*** | 376.377*** | \(\mathrm{Reject }{\mathrm{H}}_{0}\) | \(I(0)\) |
LnEXR | 434.320*** | 352.804*** | 271.406*** | \(\mathrm{Reject }{\mathrm{H}}_{0}\) | \(I(0)\) |
LnTOPN | 49.280 | 149.075*** | 62.337 | \(\mathrm{Reject }{\mathrm{H}}_{0}\) | \(I(0)\) |
LnINV | 124.667*** | 198.563*** | 127.036*** | \(\mathrm{Reject }{\mathrm{H}}_{0}\) | \(I(0)\) |
LnINF | 159.457*** | 237.784*** | 240.202*** | \(\mathrm{Reject }{\mathrm{H}}_{0}\) | \(I(0)\) |