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Pedroni’s Panel cointegration test
| Panel v-statistic | −1.640758 (0.9496) |
| Panel rho-statistic | 2.973318 (0.9985) |
| Panel PP-statistic | −10.24536 (0.0000)*** |
| Panel ADF-statistic | −11.96280 (0.0007)*** |
| Group rho-statistic | 8.307141(1.0000) |
| Group PP-statistic | −19.49143 (0.0000)*** |
| Group ADF-statistic | −17.32064 (0.0000)*** |
p values are in parenthesis while *** represents 1 % level of significance
