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| Variable | CD Test | P |
| LH | 15.68 | 0.000 |
| LGDP | 25.33 | 0.000 |
| Lage1 | 25.72 | 0.000 |
| Lage6 | 17.15 | 0.000 |
| Ldoc | -0.82 | 0.414 |
| Lpvt | 5.83 | 0.000 |
| Lurb | 2.20 | 0.028 |
|
NOTE: ECO countries: Armenia, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan, Uzbekistan. Data for Afghanistan were not available, so we eliminated this country. | ||
