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*** |