Table 5.
Outcomes of Westerlund panel cointegration test
| Test | Stat. value | Z-value | P value |
|---|---|---|---|
| Gt | − 3.700*** | − 5.363 | 0.000 |
| Ga | − 5.284 | 2.650 | 0.914 |
| Pt | − 3.135*** | − 8.875 | 0.000 |
| Pa | − 6.433 | 2.530 | 0.937 |
***Rejection of null hypothesis at a level of 1%
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