Table 5.

Pedroni cointegration test.

Cointergration Test	Intercept
Test Statistics	Prob.
Panel v-statistic	0.0009
Panel rho-statistic	0.0000
Panel PP-statistic	0.1083
Panel ADF-statistic	0.0210
Group Panel rho-statistic	0.0166
Group PP-statistic	0.5429
Group ADF-statistic	0.0120