Variables | Test(s) | Statistics | Results |
---|---|---|---|

_{ijt} | Fisher-type ADF | P = 1,257.5851^{***}^{***}^{*} = –33.3259^{***}^{***} | Reject H_{0} |

Fisher-type PP (with time trend included) | P = 1,141.1557^{***}^{***}^{*} = –31.1685^{***}^{***} | Reject H_{0} | |

_{ijt} | Fisher-type ADF | P = 1,323.1285^{***}^{***}^{*} = –35.6430^{***}^{***} | Reject H_{0} |

Fisher-type PP (with time trend included) | P = 1,255.1817^{***}^{***}^{*} = –35.3655^{***}^{***} | Reject H_{0} | |

_{ijt} | Fisher-type ADF | P = 905.5418^{***}^{***}^{*} = –27.2679^{***}^{***} | Reject H_{0} |

Fisher-type PP (with time trend included) | P = 614.9124^{***}^{***}^{*} = –17.6008^{***}^{***} | Reject H_{0} | |

_{it} | Levin-Lin-Chu | Adjusted ^{*} = –18.8600^{***} | Reject H_{0} |

_{jt} | Levin-Lin-Chu | Adjusted ^{*} = –64.7794^{***} | Reject H_{0} |

_{ijt} | Levin-Lin-Chu | Adjusted ^{*} = –73.4323^{***} | Reject H_{0} |

_{ijt} | Levin-Lin-Chu | Adjusted ^{*} = –96.4268^{***} | Reject H_{0} |

_{ij} | Harris-Tzavalis | z = –13.2677^{***} | Reject H_{0} |

_{jit} | Levin-Lin-Chu | Adjusted ^{*} = –3.6e+02^{***} | Reject H_{0} |

_{it} | Levin-Lin-Chu | Adjusted ^{*} = –18.5098^{***} | Reject H_{0} |

_{jt} | Levin-Lin-Chu | Adjusted ^{*} = –34.3689^{***} | Reject H_{0} |

GDP, gross domestic product.