Table 8.

The results of cointegration test.

Stat.	Value	Z-value	Robust P-value
$G_{\tau }$	–2.939∗∗∗	–2.469	0.007
$G_{\alpha }$	–9.822∗∗	3.144	0.000
$P_{\tau }$	–18.627∗∗∗	–7.213	0.000
$P_{\alpha }$	–12.561∗∗∗	–3.651	0.000

Notes: The symbol ∗∗ and ∗∗∗ respectively indicate that p-value is smaller than 5% and 1% levels.