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Table 3

Panel unit root tests

MethodFdPOV1FdPOV2FdPOV3WaPOV1WaPOV2PRECTEMPAGRCERCO2ENEFORGDPcINF
Level 
 LLC −2.337*** 2.583 −2.976*** −3.295*** −4.595*** −7.153*** 9.540 −2.343*** −3.585*** −2.393*** −7.377*** −3.108*** −1.356* −2.301** 
 HT 0.956 0.986 0.932 0.939 0.966 0.107*** 0.788*** 0.916 0.619*** 0.847** 0.767*** 0.951 0.900 0.322*** 
 Breitung −2.863*** 3.227 −2.187** −1.411* −2.086** −6.328*** −0.539 0.408 −1.348* −0.113 −0.773 −2.421*** 2.109 −3.654*** 
 IPS −2.271**     −8.667*** 0.956 −1.907** −2.946*** −0.803   1.1745  
 Fisher 4.201*** −2.634 8.521*** −0.685 −2.241 15.557*** −0.207 6.941*** 3.458*** 1.313* 11.770*** 0.837 −0.889 4.564*** 
1st Diff. 
 LLC −3.504*** −1.790** −5.719*** 0.854 −4.595 −15.848*** −0.926 −8.835*** −11.481*** −9.330*** −10.132*** −1.824 −3.122*** −11.870*** 
 HT 0.731*** −0.024*** 0.606*** 0.009*** 0.085*** −0.440*** −0.165*** 0.009*** −0.378*** 0.046*** −0.191*** 0.701*** −0.021*** −0.426*** 
 Breitung −5.613*** −5.089*** −0.755 −3.358*** −4.337*** −8.601*** −5.137*** −8.404*** −2.749*** −5.914*** −3.228*** 0.566 −4.092*** −7.932*** 
 IPS −2.636***     −19.534*** −7.756*** −11.096*** −14.844*** −11.209***   −6.443***  
 Fisher 3.337*** 7.462*** 9.716*** 2.911*** 2.941*** 55.619*** 16.084*** 27.778*** 37.110*** 24.876*** 33.690*** −1.145 10.924*** 36.851*** 
MethodFdPOV1FdPOV2FdPOV3WaPOV1WaPOV2PRECTEMPAGRCERCO2ENEFORGDPcINF
Level 
 LLC −2.337*** 2.583 −2.976*** −3.295*** −4.595*** −7.153*** 9.540 −2.343*** −3.585*** −2.393*** −7.377*** −3.108*** −1.356* −2.301** 
 HT 0.956 0.986 0.932 0.939 0.966 0.107*** 0.788*** 0.916 0.619*** 0.847** 0.767*** 0.951 0.900 0.322*** 
 Breitung −2.863*** 3.227 −2.187** −1.411* −2.086** −6.328*** −0.539 0.408 −1.348* −0.113 −0.773 −2.421*** 2.109 −3.654*** 
 IPS −2.271**     −8.667*** 0.956 −1.907** −2.946*** −0.803   1.1745  
 Fisher 4.201*** −2.634 8.521*** −0.685 −2.241 15.557*** −0.207 6.941*** 3.458*** 1.313* 11.770*** 0.837 −0.889 4.564*** 
1st Diff. 
 LLC −3.504*** −1.790** −5.719*** 0.854 −4.595 −15.848*** −0.926 −8.835*** −11.481*** −9.330*** −10.132*** −1.824 −3.122*** −11.870*** 
 HT 0.731*** −0.024*** 0.606*** 0.009*** 0.085*** −0.440*** −0.165*** 0.009*** −0.378*** 0.046*** −0.191*** 0.701*** −0.021*** −0.426*** 
 Breitung −5.613*** −5.089*** −0.755 −3.358*** −4.337*** −8.601*** −5.137*** −8.404*** −2.749*** −5.914*** −3.228*** 0.566 −4.092*** −7.932*** 
 IPS −2.636***     −19.534*** −7.756*** −11.096*** −14.844*** −11.209***   −6.443***  
 Fisher 3.337*** 7.462*** 9.716*** 2.911*** 2.941*** 55.619*** 16.084*** 27.778*** 37.110*** 24.876*** 33.690*** −1.145 10.924*** 36.851*** 

Note: ***Significance at 1% level; ** Significance at 5% level; * Significance at 10% level.

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