Table 6.

Results of Banerjee and Carrion-i-Silvestre (57) cointegration analysis.

		DV: EG			DV: CE
Sr. No.#	Countries	No deterministic specification	Constant	Trend	No deterministic specification	Constant	Trend
1	South Korea	−3.089**	−3.334**	−3.961**	−3.753**	−4.051**	−4.812**
2	Singapore	−4.289**	−4.441**	−4.891**	−5.211**	−5.395**	−5.942**
3	Pakistan	−7.955**	−7.721**	−7.510**	−6.923**	−6.717**	−6.533**
4	Malaysia	−7.518**	−7.582**	−7.018**	−6.541**	−6.596**	−6.105**
5	Japan	−4.134**	−4.089**	−3.981**	−5.022**	−4.968**	−4.836**
6	Indonesia	−3.571**	−3.897**	−3.149**	−4.338**	−4.734**	−3.826**
7	India	−5.089**	−5.551**	−5.083**	−6.183**	−6.744**	−6.175**
8	Hong Kong	−6.681**	−6.211**	−6.184**	−5.813**	−5.403**	−5.386**
9	China	−4.089**	−4.159**	−4.238**	−4.968**	−5.053**	−5.149**
10	Bangladesh	−3.189**	−3.94**	−3.498**	−3.874**	−4.787**	−4.256**

10, 5, and 1% of significance level is shown, respectively, by *, ** and ***.