| Im, Pesaran & Shin Test | Variables | |
| Statistics | Prob |
|
| −4.869 | 0.0013 |
|
| 3.179 | 0.0003 |
|
| −8.938 | 0.0000 |
|
| −7.2222 | 0.0000 |
|
| 6.254 | 0.0000 |
|
| 1.590 | 0.0000 |
|
| 2.882 | 0.0053 |
|
| −6.228 | 0.0000 |
|
| −2.001 | 0.0009 |
|
| −5.007 | 0.0000 |
|
| −3.027 | 0.0022 |
|
| −5.027 | 0.0041 |
|