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Table 5 Unit root test results (b)

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 PP CIPS
  Intercept Intercept and Trend Intercept Intercept and Trend
  Levels First Diff. Levels First Diff. Levels First Diff. Levels First Diff.
I 13.0770 187.717*** 38.1283*** 358.277*** −2.094* −5.610*** −3.295*** − 5.830***
DC 5.577 128.565*** 4.0794 133.762*** −2.229** −5.427*** −2.291 −5.458***
BE 18.322 59.9117*** 5.7203 54.077*** −2.589*** −3.796*** −2.790* − 3.697***
BM 111.686*** 174.996*** 171.231*** 1611.05*** −3.636*** −5.958*** −4.258*** − 6.158***
GDP 2.431 134.846*** 17.736 127.771*** −1.231 −5.693*** −2.354 −5.870***
REM 14.7125 164.564*** 15.2725 518.488*** −1.319 −5.933*** −2.455 −5.997***
  1. Source: Authors’ computation
  2. Note: ***, ** and * represent statistical significance at 1%, 5% and 10%, 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