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Durbin–Hausman panel co-integration test
| Test statistics | Eq. (1) | Eq. (2) | Eq. (3) | Eq. (4) |
|---|---|---|---|---|
| Developing countries | ||||
| DH (group test statistic) | −1.554 | −1.752 | −1.537 | −1.966 |
| DH (panel test statistic) | 0.248 | −0.982 | 0.241 | −1.399 |
| Developed countries | ||||
| DH (group test statistic) | −2.258 | 1.687 | −2.186 | 2.81 |
| DH (panel test statistic) | −1.811 | 4.464 | −1.551 | 9.541 |
Note: The tests are based on an intercept and the Newey and West (1994) procedure for selecting the bandwidth order. Max factors are selected as 7
