Table 6.

Panel co-integration test (Johansen Fisher)

-	Stat. from the trace test	Stat. from the max eigenvalue test
None	1495.1 *	613.2 *
At most 1	1230.4 *	439.5*
At most 2	938.5*	215.4*
At most 3	411.9*	141.9*
At most 4	287.5*	121.0*
At most 5	179.4*	98.3*
At most 6	104.7*	98.1*

Note 1: the optimal lag length selection is based on the Schwarz information criterion (SIC); * shows that the statistics are significant at the 5% level

Source: Authors’ calculation