Pedroni (1999)

Aggregate aid

Disaggregate aid

Panel PP t-statistic

−11.23613^*

−4.301020^*

Panel ADF t-statistic

−2.01403^*

−6.948675^*

Group PP t-statistic

−13.01415^*

−18.91068^*

Group ADF t-statistic

−0.73197^*

−5.101243^*

Kao (1999)

ADF t-statistic

4.73521^*

−9.241825^*