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Table 2 Unit root test estimation

From: Nexus between financial innovation and economic growth in South Asia: evidence from ARDL and nonlinear ARDL approaches

  ADF P-P KPSS
At level I At level I At level I
Bangladesh
 lnY −3.90b I(0) −2.77a I(0) 0.06 0.38a I(1)
 lnFI −1.26 −5.95a I(1) −1.11 −7.52a I(1) 0.19b I(0)
 lnDCP − 1.03 −5.15a I(1) −0.89 −6.29a I(1) 0.22a I(0)
 lnTO −2.25 − 5.74a I(1) −1.17 − 7.09a I(1) 0.17b I(0)
 lnGCF −1.25 −4.96b I(1) −2.44 −3.86b I(1) 0.11 0.21b I(1)
India
 lnY −4.96b I(0) −4.93a I(0) 0.07 0.29a I(1)
 lnFI − 3.17 −4.82a I(1) − 2.50 −4.74a I(1) 0.08 0.39a I(1)
 lnDCP −3.69b I(0) −3.69b I(0) 0.11 0.15b I(1)
 lnTO −3.19 − 3.66b I(1) − 3.41 −6.37a I(1) 0.12 0.17b I(1)
 lnGCF −2.39 −3.98b I(1) −1.98c −6.60a I(1) 0.09 0.19b I(1)
Pakistan
 lnY −4.75b   I(0) −4.71b   I(0) 0.11 0.39a I(1)
 lnFI −1.63 −5.6a I(1) −1.57 −5.85a I(1) 0.08 0.55a I(1)
 lnDCP −5.94   I(0) −6.01a   I(0) 0.18 0.28a I(1)
 lnTO −2.66 −7.1a I(1) −2.68 −7.46a I(1) 0.10 0.47a I(1)
 lnGCF −1.14 −5.71b I(1) −1.51 −5.72a I(1) 0.09 0.42a I(1)
SriLanka
 lnY −4.68a   I(0) −4.66a   I(0) 0.28a   I(0)
 lnFI −1.17 −7.91a I(1) −1.05 −7.76a I(1) 0.12 0.37b I(1)
 lnDCP −9.52a   I(0) −8.94a   I(0) 0.47a   I(0)
 lnTO −1.018 −5.26a I(1) −1.28 −5.26a I(1) 0.11 0.59a I(1)
 lnGCF −1.68 −5.98b I(1) −1.33 −6.16a I(1) 0.14 0.48b I(1)
  1. Note 1. Y for economic growth, FI for financial innovation, DCP for Domestic Credit to Private Sector, TO of Trade Openness, and GCF for Gross Capital Formation
  2. Note 2. All the variables converted into the natural log for estimation
  3. Note 3. ADF for Augmented Dickey-Fuller, P-P for Phillips-Perron, and KPSS for Kwiatkowski-Phillips-Schmidt-Shin
  4. Note 4. a/b/c indicates significance level as 1, 5, and 10% respectively
  5. Note 5. “I” for an order of integration, ∆ for first difference operator,