Table 7.
Panel co-integration test (Westerlund test)
| Stat. | Value | Probability |
|---|---|---|
| Group-t | −3.813 | 0.00 |
| Group-a | −12.055 | 0.766 |
| Panel-t | −15.039 | 0.00 |
| Panel-a | −7.115 | 0.740 |
Source: Authors’ calculation
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