Table 4: PP unit root test for stationarity.

Level First difference   Intercept Intercept plus trend Intercept Intercept plus trend EXPG 1.533520 −2.528736 −6.392610*** −7.270672*** FDIG −1.505811 −2.953038 −6.193253*** −6.035065*** GFCG −3.280270** −6.152219*** −16.95955*** −17.41754*** EXR −0.650537 −1.995489 −3.472748*** −3.349969** PDEN −2.468145 −2.136851 −3.091485** −3.289305**

Note: the Mackinnon [46] critical values are −3.699871 and −2.976263 at 1% and 5% levels of significance, respectively. ***indicates significance at the 1% level and **at the 5% level.