Table 3.

Homogeneity and cross-sectional dependency tests for equations

	Eq. (1)		Eq. (2)		Eq. (3)		Eq. (4)
Homogeneity and cross-sectional dependency tests	Stat.	Prob.	Stat.	Prob.	Stat.	Prob.	Stat.	Prob.
	Developed countries
$\widehat{\mathrm{\Delta }}$	3.652	0.000	2.774	0.003	3.798	0.000	2.886	0.002
${\tilde{\mathrm{\Delta }}}_{\mathit{adj}}$	5.164	0.000	4.195	0.000	5.372	0.000	4.363	0.000
CSD
CD	−0.078	0.469	0.289	0.386	0.218	0.414	0.080	0.468
LMadj	0.911	0.181	0.179	0.429	0.400	0.344	0.065	0.474
	Developing countries
$\widehat{\mathrm{\Delta }}$	4.243	0.000	3.382	0.000	4.420	0.000	3.709	0.000
${\tilde{\mathrm{\Delta }}}_{\mathit{adj}}$	5.478	0.000	4.561	0.000	5.706	0.000	5.002	0.000
CSD
CD	−1.102	0.135	−0.562	0.287	−0.718	0.236	−0.395	0.347
LMadj	−0.992	0.839	0.464	0.321	−1.463	0.928	−1.206	0.886