Table 6.
Results of Westerlund cointegration test.
| Statistic | Value | Z-Value | p-Value | Robust p-Value |
|---|---|---|---|---|
| Whole sample | ||||
| Gt | −3.874 | 7.773 | 0.000 | 0.000 |
| Ga | −6.601 | 4.310 | 0.933 | 0.500 |
| Pt | −19.496 | 7.692 | 0.000 | 0.000 |
| Pa | −9.963 | 0.450 | 0.326 | 0.050 |
| Countries with Ecological Deficits | ||||
| Gt | −3.816 | 5.918 | 0.000 | 0.000 |
| Ga | −5.758 | 3.874 | 0.963 | 0.872 |
| Pt | −14.839 | 5.521 | 0.000 | 0.000 |
| Pa | −7.597 | 0.929 | 0.824 | 0.313 |
| Countries with Ecological Reserves | ||||
| Gt | −4.098 | 4.817 | 0.000 | 0.000 |
| Ga | −5.287 | 3.716 | 1.000 | 1.000 |
| Pt | −13.626 | 5.664 | 0.000 | 0.000 |
| Pa | −9.325 | 0.755 | 0.775 | 0.200 |