Table 5.

Pedroni, Kao, and Westerlund cointegration tests

Pedroni cointegration	Panel-PP	Panel-ADF	Group-PP	Group-ADF
	−6.2563	−6.0854	−5.9980	−5.9615
Probability values	0.00	0.00	0.00	0.00
Kao cointegration	ADF	MDF	UDF	UMDF
	1.8468	0.2225	−6.1140	−8.2006
Probability values	0.03	0.41	0.00	0.00
Westerlund cointegration	Gt	Ga	Pt	Pa
	−2.362	3.604	−0.979	1.502
Probability values	0.00	1.00	0.04	0.09

*, **, and *** denote statistically significant at the 10%, 5%, and 1% levels, respectively. Source: Current Research