Table 4.
Cross-sectional dependency test.
| CD test | Statistic | p-value |
|---|---|---|
| Pesaran Pagan LM | 3703.105 | 1.1111 |
| Breusch scaled LM | 30.7555 | 1.1111 |
| Pesaran scaled LM | 30.0077 | 1.1111 |
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