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Pesaran test for cross-sectional dependence.
| Variable | C-D Test | p-value | Corr. | Abs(Corr) |
|---|---|---|---|---|
| LNEF | 13.81∗∗∗ | 0.000 | 0.533 | 0.533 |
| LNGDP | 23.88∗∗∗ | 0.000 | 0.921 | 0.921 |
| LNREI | 18.55∗∗∗ | 0.000 | 0.716 | 0.716 |
| LNRE | 11.62∗∗∗ | 0.000 | 0.448 | 0.468 |
Note: ∗∗∗ represents the rejection of the null hypothesis (i.e., there is cross-sectional independence across countries in the panel) at 1% significance level.
