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Results of panel cointegration analysis.
| Test | No break | MS (Mean shift) | RS (Regime shift) |
|---|---|---|---|
| DV (Dependent variable): EG | |||
| ZϕN | −3.933*** | −3.632*** | −4.102*** |
| Pvalue | 0.000 | 0.000 | 0.000 |
| ZτN | −3.876*** | −3.502*** | −3.665*** |
| P-value | 0.000 | 0.000 | 0.000 |
| DV (Dependent variable): CE | |||
| ZϕN | −3.954*** | −4.107*** | −3.643*** |
| Pvalue | 0.000 | 0.000 | 0.000 |
| ZτN | −3.781*** | −4.253*** | −3.127*** |
| P-value | 0.000 | 0.000 | 0.000 |
10, 5, and 1% of significance level is shown, respectively, by *, ** and ***.
