Table 3.
Results of cross-section dependence test
| Series | Breusch-Pagan | Pesaran scaled | Bias-corrected scaled | Pesaran CD | ||||
|---|---|---|---|---|---|---|---|---|
| Statistic | Prob. | Statistic | Prob. | Statistic | Prob. | Statistic | Prob. | |
| LnEF | 35.8673*** | 0.0000 | 7.46725*** | 0.0000 | 7.39033*** | 0.0000 | 4.8327*** | 0.0000 |
| LnREM | 35.8536*** | 0.0000 | 7.46330*** | 0.0000 | 7.38638*** | 0.0000 | 4.1284*** | 0.0000 |
| LnFD | 15.5627*** | 0.0000 | 10.6058*** | 0.0000 | 10.5289*** | 0.0000 | 2.6784*** | 0.0000 |
| LnGDP | 82.0423*** | 0.0000 | 20.7968*** | 0.0000 | 20.7199*** | 0.0000 | 8.6229*** | 0.0000 |
| LnENG | 52.0203*** | 0.0000 | 12.1302*** | 0.0000 | 12.0533*** | 0.0000 | 5.9816*** | 0.0000 |
| LnURP | 89.3857*** | 0.0000 | 22.9166*** | 0.0000 | 22.8397*** | 0.0000 | 9.2119*** | 0.0000 |
| LnTE | 53.8296*** | 0.0000 | 12.6525*** | 0.0000 | 12.5756*** | 0.0000 | 5.6360*** | 0.0000 |
Note: *** indicates the level of significance at 1%.