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Financial Innovation

Table 2 Stationarity test results

From: FDI-growth and trade-growth relationships during crises: evidence from Bangladesh

 

DF-GLS

KPSS

KSS

PT

GLS

Level

First diff

Level

First diff

Level

First diff

Level

First diff

lnGDP

4.312**

9.279

− 1.280

− 4.632***

0.160**

0.113

− 1.577

− 3.691***

lnExort

30.067

4.562**

− 1.301

− 4.909***

0.120

0.121

− 2.264**

0.691

lnImport

20.075

4.297**

− 1.846

− 8.311***

0.131

0.133

− 2.529*

− 2.194

lnTrade

4.557**

5.718

− 2.464

− 7.354***

0.108

0.112

− 1.813*

− 0.276

lnM3

11.935

10.440

− 2.014

− 4.005**

0.128

0.173**

− 0.198

− 4.417***

lnFDI

3.345***

5.741

− 5.319***

− 6.426***

0.087

0.115

− 1.176

− 2.171**

lnL

2.810***

0.798***

− 0.105

− 3.988***

0.152**

0.122

1.102

− 7.442***

lnK

4.531**

17.499

− 1.055

− 2.922**

0.153**

0.082

− 1.022

− 2.103**

  1. ***p < .01, **p < .05, *p < .1. The null hypothesis in the DG-GLS and KSS tests is non-stationarity, whereas the null hypothesis in the KPSS test is stationarity. The DF-GLS test (both PT and GLS statistics) rejects null hypotheses in the lower tail, while the KPSS and KSS tests reject null hypotheses in the upper tail. The 1%, 5%, and 10% critical values are: 3.96, 5.62, and 6.89, respectively, for PT of DF-GLS test; − 3.48, − 2.89, and − 2.57, respectively, for GLS of DF-GLS test; 0.216, 0.146, and 0.119, respectively, for KPSS test; and − 2.78, − 2.10, and − 1.79, respectively, for KSS test
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