Remittances, financial development and economic growth in sub-Saharan African countries: evidence from a PMG-ARDL approach

Financial Innovation

Table 6 Panel Unit Root Results with Individual Intercept

Variable	Level	LLC	P-v	IPS	P-v	ADF	P-v	PP	P-v	Status
y	0	−7.09	0.00***	−2.15	0.02**	57.28	0.04**	67.37	0.00***	I(0)
remmit	0	−5.96	0.00***	−0.82	0.2	52.07	0.1	74.7	0.00***
	1	−10.7	0.00***	−8.18	0.00***	135.1	0.00***	147.1	0.00***	I(1)
find	0	−2.89	0.00***	0.08	0.53	50.36	0.12	47.47	0.19
	1	−13.5	0.00***	−11.84	0.00***	191.8	0.00***	241.9	0.00***	I(1)
top	0	−3.48	0.00***	−1.56	0.06*	55.39	0.05*	52.61	0.09*	I(0)
inf	0	−11.3	0.00***	−8.57	0.00***	146.3	0.00***	176.8	0.00***	I(0)
pop	0	27.45	1.00	2.72	0.1	98.39	0.00***	69.68	0.00***
	1	96.77	0.00***	−3.92	0.00***	107.5	0.00***	87.02	0.00***	I(1)
fdi	0	−3.78	0.00***	−3.46	0.00***	78.56	0.00***	104.99	0.00***	I(0)

***, **, and * indicate significance at 0.01%, 0.05%, and 0.10%.; P-v indicates probability value. All the variables are expressed in log form except inflation and population growth that are already in rates