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Table 2 Pesaran’s panel unit root CIPS (2007) tests

From: Capital mobility in Latin American and Caribbean countries: new evidence from dynamic common correlated effects panel data modeling

Variable

CIPS (No Trend)

CIPS (with Trend)

Determination

(I/Y)it

− 0.761 (0.027)

−2.039 (0.021)

I (1)

(S/Y)it

1.552 (0.940)

0.590 (0.722)

I (1)

∆(I/Y)it

−8.199a(0.000)

−10.421a(0.000)

I (0)

∆(S/Y)it

−3.966a(0.000)

−6.275a(0.000)

I (0)

  1. Null hypothesis is the presence of a unit root. Four lags are included
  2. adenotes statistical significance at the 1% level