Table 2.

Various Tests of Panel Data Properties

	Breitung t-stat		(III)IPS Wtbar		Cross-Section Dependence
	Without trend	With trend	Without trend	With trend		CD test
ID	−2.778*	−3.414*	−3.320*	−3.774*	0.331	9.72*
ANC	0.035	−3.535*	−1.547	−3.777*	0.731	21.49*
CC	−4.204*	−4.212*	−3.090*	−4.380*	0.382	11.24*
TBAs	−2.890*	0.228	−2.367*	−2.882*	0.156	4.58*
DA	−2.896*	−1.621*	−2.761*	−3.341*	0.229	6.74*
POP	1.567	−2.672*	−0.607	−4.812*	0.998	29.32*
ID_1	−2.685*	−1.878*	−3.237*	−3.690*	0.367	10.56*

Breitung and Im Pesaran and Shin (IPS) unit root test statistics along with and Pesaran (2004) CD test reported.

^*significant at 5% level.