Table 3.
CD test results.
| Variables | Full panel | HIC | UMIC | LMIC | LIC | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| CD-test | p-value | CD-test | p-value | CD-test | p-value | CD-test | p-value | CD-test | p-value | |
| CO2 | 33.44*** | 0.000 | 41.16*** | 0.000 | 38.12*** | 0.000 | 44.42*** | 0.000 | 24.87*** | 0.000 |
| CGI | 28.16*** | 0.000 | 15.18*** | 0.000 | 40.01*** | 0.000 | 15.06*** | 0.000 | 12.22*** | 0.000 |
| EGY | 11.79*** | 0.000 | 1.86* | 0.063 | 11.09*** | 0.000 | 23.53*** | 0.000 | 6.41*** | 0.000 |
| EG | 160.04*** | 0.000 | 92.49*** | 0.000 | 64.44*** | 0.000 | 2.32** | 0.020 | 2.39** | 0.026 |
| FDI | 96.31*** | 0.000 | 46.51*** | 0.000 | 30.98*** | 0.000 | 30.08*** | 0.000 | 7.55*** | 0.000 |
| HDI | 41.06*** | 0.000 | 174.56*** | 0.000 | 85.13*** | 0.000 | 16.98*** | 0.000 | 6.66*** | 0.000 |
| PGR | 79.20*** | 0.000 | 31.02*** | 0.000 | 29.76*** | 0.000 | 93.16*** | 0.000 | 40.65 | 0.000 |
| TOP | 62.30*** | 0.000 | 41.00*** | 0.000 | 36.55*** | 0.000 | 15.91*** | 0.000 | 6.23*** | 0.000 |
| URB | 1.09 | 0.225 | 0.95 | 0.410 | 1.15 | 0.220 | 86.09*** | 0.000 | 84.63*** | 0.000 |
***, **, and * indicate significance at 1%, 5%, and 10%, respectively.