Table 4.

Pedroni and Kao panel cointegration test results

Pedroni cointegration test
Estimates	Statistic	Prob.	Weighted Statistics	Prob.
Alternative hypothesis: common AR coefficients (within-dimension)
Panel v-Statistic	−0.837	0.799	0.347	0.3642
Panel rho-Statistic	3.456	0.999	2.644	0.996
Panel PP-Statistic	0.522	0.699	−1.614*	0.053
Panel ADF-Statistic	−1.821**	0.034	−2.554***	0.005
Alternative hypothesis: individual AR coefficients (between-dimension)
Group rho-Statistic	3.843		0.999
Group PP-Statistic	−3.082***		0.001
Group ADF-Statistic	−2.995***		0.001
Kao cointegration test
Statistic	t-statistic		Prob.
ADF	−3.593***		0.000

Note: ^{***, **,} and ^* denote significance level at 1, 5 and 10%, respectively