Table 7.
Pedroni cointegration test results
| Alternative hypothesis: common AR coefs. (within-dimension) | |||||
| Weighted | |||||
| Statistic | Prob. | Statistic | Prob. | ||
| Panel v-Statistic | 1.562221 | 0.0591* | − 0.83359 | 0.7977 | |
| Panel rho-Statistic | 2.756464 | 0.9971 | 1.200641 | 0.8851 | |
| Panel PP-Statistic | −0.25363 | 0.3999 | −6.48389 | 0.000*** | |
| Panel ADF-Statistic | −3.87437 | 0.0001*** | −4.13868 | 0.000*** | |
| Alternative hypothesis: individual AR coefs. (between-dimension) | |||||
| Statistic | Prob. | ||||
| Group rho-Statistic | 3.144622 | 0.9992 | |||
| Group PP-Statistic | −8.34968 | 0.000*** | |||
| Group ADF-Statistic | −3.16744 | 0.000*** | |||
*and, *** represent 10 and 1% level of significances respectively