| Test statistics | Model 1 FD = Domestic credit to private sector | Model 2 FD = M2/GDP | ||
| Statistics | p-value | Statistics | p-value | |
| Cross-sectional dependency tests |
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|
|
|
| LM (Breusch and Pagan, 1980) | 530.354* | 0.000 | 320.106* | 0.000 |
| LM adjusted (Pesaran 2004) | 51.160* | 0.000 | 28.998* | 0.000 |
| CD (Pesaran, 2004) | 9.688* | 0.000 | 4.497* | 0.000 |
| Homogeneity tests |
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|
|
|
| Delta tilde | 42.282* | 0.000 | 49.322* | 0.000 |
| Delta tilde adjusted | 50.313* | 0.000 | 52.632* | 0.000 |