Test Hypothesis

Cross-section

Time

Both

Model I

386.6998

(0.0000)

0.000622

(0.9121)

386.7004

(0.0000)

Model II

86.53852

(0.0000)

4030.081

(0.0000)

4116.619

(0.0000)

Model III

90.67027

(0.0000)

4303.096

(0.0000)

4393.767

(0.0000)