Table 5.

Pedroni Cointegration test statistics

Test	Statistics
Panel v - statistics	−0.60
Panel rho statistics	−2.24***
Panel PP-Statistics	−6.17***
Panel ADF-Statistics	−6.97***
Group rho-Statistics	−2.31***
Group PP-Statistics	−7.11***
Group ADF-Statistics	−7.44***

Note: *** indicate 1% significance level