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Westerlund Panel cointegration tests.
| Statistic | Value | Z-value | p-value | Robust p-value |
|---|---|---|---|---|
| Gt | -3.130∗∗∗ | -2.962 | 0.002 | 0.000 |
| Ga | -7.729 | 0.800 | 0.788 | 0.270 |
| Pt | -7.762∗∗∗ | -2.751 | 0.003 | 0.000 |
| Pa | -7.413 | -0.470 | 0.319 | 0.150 |
Note: The tests are conducted with a maximum lag of zero whereas ∗∗∗ represents the rejection of the null hypothesis at 1% significance level.
