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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