Table 1 Phillips–Perron unit root test.
China | Level | First difference | ||
|---|---|---|---|---|
Constant | Trend | Constant | Trend | |
EFP | −0.6256 | −1.5579 | −3.8850*** | −3.9159*** |
WTE | −0.2999 | −1.8973 | −4.2262*** | −4.1340*** |
GDP | −1.9168 | 0.5447 | −3.4521*** | −3.9012*** |
FD | −3.6894** | −1.5717 | −5.6614*** | −7.7560*** |
FDI | −5.5449*** | −3.6618 | −5.7533*** | −7.1071*** |
United States | Level | First difference | ||
Constant | Trend | Constant | Trend | |
EFP | −1.7372 | −1.0833 | −6.3643*** | −7.6750*** |
WTE | 0.9964 | −2.0054 | −8.4186*** | −10.4341*** |
GDP | −2.1849 | −0.8656 | −5.1871*** | −5.4162*** |
FD | −1.2269 | −1.2724 | −4.9998*** | −5.1286*** |
FDI | −2.0201 | −3.5018 | −8.8988*** | −9.5696*** |