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Table 4 Unit root tests results (a)

From: Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Variables

LLC

IPS

 

Intercept

Intercept and Trend

Intercept

Intercept and Trend

 

Levels

First Diff.

Levels

First Diff.

Levels

First Diff.

Levels

First Diff.

I

0.4833

− 6.3437***

−2.3018**

−4.8848***

1.2259

− 11.2513***

− 2.8014***

− 10.2442***

DC

2.009

−5.079***

−0.701

−4.787***

2.678

− 6.236***

1.258

−6.696***

BE

−3.824***

−6.544***

−2.039**

−5.382***

−4.105***

−7.271***

−1.723**

− 6.236***

BM

−6.033***

−10.310***

− 6.518***

−7.958***

−7.003***

− 13.642***

− 6.841***

−12.285***

GDP

2.7422

−2.940***

−0.690

−1.807***

4.371

−4.987***

−0.070

−4.014***

REM

−0.7666

−6.6634***

−1.2391

−8.0365***

−0.4134

−5.5740***

0.3697

−6.8468***

  1. Source: Authors’ computation
  2. Note: *** and ** represent statistical significance at 1% and 5%, respectively. I domestic investment, DC domestic credit, BE bank Efficiency (credit/deposit), BM broad money, GDP gross domestic product, REM remittances. First Diff First difference