Table 1: Unit root test.

CountryVariableTest type
ADFPPDF-GLS
InterceptIntercept and trendInterceptIntercept and trendInterceptIntercept and trend

MalaysiaAFDI
RER

The PhilippinesAFDI
RER

ThailandAFDI
RER

SingaporeAFDI
RER

Notes: and indicate stationary at level and first difference, respectively. All variables are transformed into logarithms .