Panel cointegration tests (Unbalanced set)

import of iron/steel

Explanatory variables: lgdpcap, linv, ltcer, lurbpop

No trend-no

Intercept without

Intercept with trend

Intercept

Trend

Pedroni residual cointegration tests

Panel statistics

Panel-v

−2.06

−3.19

−5.09

p-value

0.98

1.00

1.00

Panel-rho

0.75

1.58

2.47

p-value

0.77

0.94

0.99

Panel-PP

−6.58^***

−8.98^***

−12.73^***

p-value

0.00

0.00

0.00

Panel-ADF

−2.25^**

−2.37^***

−2.35^***

p-value

0.01

0.00

0.00

Panel statistics weighted

Panel-v

−2.31

−3.28

−5.28

p-value

0.99

1.00

1.00

Panel-rho

0.67

1.21

2.13

p-value

0.75

0.89

0.98

Panel-PP

−5.58^***

−8.12^***

−10.20^***

p-value

0.00

0.00

0.00

Panel-ADF

−3.29^***

−4.41^***

−3.75^***

p-value

0.00

0.00

0.00

Group statistics

Group-rho

2.32

2.96

3.59

p-value

0.99

1.00

1.00

Group-PP

−9.52^***

−11.24^***

−13.78^***

p-value

0.00

0.00

0.00

Group-ADF

−4.13^***

−2.75^***

−1.82^**

p-value

0.00

0.00

0.03

Kao residual cointegration tests

ADF

−2.52^***

p-value

0.005

Johansen-Fisher panel cointegration test trace test (Fisher Stat)

None

357.4^***

329.3^***

307.5^***

p-value

0.00

0.00

0.00

At most 1

228.7^***

269.5^***

263.5^***

p-value

0.00

0.00

0.00

At most 2

154.0^***

920.3^***

143.2^***

p-value

0.00

0.00

0.00