Table 4.
Panel co-integration test results
| Pedroni Residual Cointegration Test | CEMAC(HE < 15% GGE) | Other african countries(HE > 15% GGE) | |||
|---|---|---|---|---|---|
| Statistic | Weighted Statistic | Statistic | Weighted Statistic | ||
| Within-dimension (panel) | Panel v-Statistic | 5.320171*** | −1.934143 | −0.079408* | −1.629980 |
| Panel rho-Statistic | 1.101854 | 1.583020 | 1.390759 | 2.080915 | |
| Panel PP-Statistic | −6.944674*** | −3.660656*** | −4.191776*** | −1.824957** | |
| Panel ADF-Statistic | −1.735961** | −2.395129*** | −3.924845*** | −2.128257*** | |
| Between-dimension (group) | Group rho-Statistic | 2.199777 | 2.590251 | ||
| Group PP-Statistic | −4.895312*** | −2.152590*** | |||
| Group ADF-Statistic | −1.533469* | −2.641490*** | |||
GGE General government expenditure, GGHE General government health expenditure, HE Health Expenditure
The test statistics are normalized so that the asymptotic distribution is standard normal. *, **, *** indicate rejection of the null hypothesis of non-co-integration at the 10, 5,and 1% significance levels, based respectively on critical values of 1.281, 1.644 and 2.326
Source: Computed by author