Table 4.

Pedroni panel co-integration test

Test stat.	Eq. (1)		Eq. (2)		Eq. (3)		Eq. (4)
	Panel stat.	Group stat.	Panel stat.	Group stat.	Panel stat.	Group stat.	Panel stat.	Group stat.
	Developing countries
v	−1.844		−2.253		−2.053		−2.084
rho	2.94	4.073	3.033	4.131	3.504	4.324	3.623	4.612
T	−4.137	−4.761	−8.426	−8.836	−2.816	−2.564	−4.957	−4.931
ADF	3.324	4.792	7.58	9.732	−1.774	4.415	0.1782	5.005
	Developed countries
v	−2.682		−3.173		−1.992		−2.18
rho	2.844	3.826	3.128	4.028	3.007	3.908	3.483	4.406
T	−9.18	−10.08	−11.92	−12.31	−6.686	−8.862	−6.631	−9.893
ADF	0.3733	0.766	0.4446	−1.422	1.401	2.633	2.754	2.639

Note: Using the intercept model, the maximum lag was determined as 4. The appropriate lag length is determined according to the AIC information criteria