Financial Innovation

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***

Source: Authors’ computation
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

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