Table 2.
Cross-section dependence tests.
| Model |
Pesaran (2004) |
Pesaran (2015) |
|||||
|---|---|---|---|---|---|---|---|
| Sample | Variable | CD-test | p-value | Corr | abs(corr) | CD | P |
| ALL | GRSI | 1600.23⁎⁎⁎ | 0.000 | 0.889 | 0.889 | 1771.924⁎⁎⁎ | 0.000 |
| Confirmed | 896.88⁎⁎⁎ | 0.000 | 0.498 | 0.518 | 1399.796⁎⁎⁎ | 0.000 | |
| Death | 459.24⁎⁎⁎ | 0.000 | 0.255 | 0.288 | 893.532⁎⁎⁎ | 0.000 | |
| ASIA | GRSI | 431.52⁎⁎⁎ | 0.000 | 0.841 | 0.841 | 5.3.372⁎⁎⁎ | 0.000 |
| Confirmed | 203.05⁎⁎⁎ | 0.000 | 0.396 | 0.456 | 353.807⁎⁎⁎ | 0.000 | |
| Death | 81.40⁎⁎⁎ | 0.000 | 0.159 | 0.222 | 194.594⁎⁎⁎ | 0.000 | |
| NON-ASIA | GRSI | 1175.43⁎⁎⁎ | 0.000 | 0.919 | 0.919 | 1263.062⁎⁎⁎ | 0.000 |
| Confirmed | 694.21 ⁎⁎⁎ | 0.000 | 0.543 | 0.547 | 1041.819⁎⁎⁎ | 0.000 | |
| Death | 36.299⁎⁎⁎ | 0.000 | 0.302 | 0.318 | 701.597⁎⁎⁎ | 0.000 | |
Note: ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively.