Test statistics

Panel

Group

Variance ratio (V)

−3.197^***

P statistic (rho)

4.658^***

6.746^***

t-statistic (t)

2.295^**

−6.568^***

Adf statistic (aaf)

1.973^**

1.266

No. of panel units

43

No. of observations

1281

Avg. no. of observations per unit

28