Table 4 Pedroni cointegration test.
Statistic | Prob | Statistic | Prob | |
|---|---|---|---|---|
Panel v-Statistic | − 0.673622 | 0.7497 | − 5.031768 | 0.4100 |
Panel rho-Statistic | 1.162382 | 0.8775 | 2.591672 | 0.9952 |
Panel PP-Statistic | − 19.32115 | 0.0000*** | − 14.80450 | 0.0000*** |
Panel ADF-Statistic | − 3.998408 | 0.0000*** | − 4.987648 | 0.0000*** |
Between dimension | ||||
Group rho-Statistic | 5.980355 | 0.8771 | ||
Group PP-Statistic | − 21.81564 | 0.0000*** | ||
Group ADF-Statistic | − 1.992660 | 0.0231** | ||