Table 5.
Unit roots test and Cross-sectional dependence
| Variable | LLC-value | Prob.value | LLC-value | Prob.value | Pesaran CD test | ||
|---|---|---|---|---|---|---|---|
| At value | At lag value | CD test | abs (corr) | Prob.value | |||
| TLF | -4.4055 | 0.0000 | -3.6836 | 0.0001 | 59.13 | 0.773 | 0.000 |
| CEX | -2.5475 | 0.0054 | -2.2014 | 0.0139 | 01.03 | 0.943 | 0.000 |
| HEX | -2.9697 | 0.0015 | -4.3043 | 0.0000 | 12.43 | 0.332 | 0.000 |
| LXP | -5.6558 | 0.0000 | -6.6507 | 0.0000 | 104.54 | 0.935 | 0.000 |
| MRB | 0.0687 | 0.5274 | -1.0978 | 0.1362 | 8.40 | 0.517 | 0.000 |
| MRT | -8.0628 | 0.0000 | -40.3025 | 0.0000 | 95.29 | 0.963 | 0.000 |
| GOV | -2.7667 | 0.0028 | -2.9435 | 0.0016 | 3.92 | 0.035 | 0.000 |
| TIF | -2.0849 | 0.0185 | -3.7433 | 0.0001 | 14.32 | 0.234 | 0.000 |
| TRF | 2.7456 | 0.9970 | 1.1541 | 0.8758 | 13.24 | 0.543 | 0.000 |
| MG | 1.1710 | 0.8792 | -65.2475 | 0.0000 | 13.44 | 0.321 | 0.000 |
Source: author’s calculation