Table 3.

Panel cointegration tests

	Model 1 Dependent variable: equalization1		Model 2 Dependent variable: equalization2
	Statistics	p-value	Statistics	p-value
Pedroni test
Modified Phillips-Perron t	7.122**	0.000	5.861**	0.000
Phillips-Perron t	−9.080**	0.000	−16.000**	0.000
Augmented Dickey-Fuller t	− 7.601**	0.000	−13.295**	0.000
Westerlund test
Variance ratio	−1.647*	0.050	−1.932*	0.027

Note: “**” and “*” indicate significance levels of 1 and 5%, respectively