Sample: 1984-2012 No. of obs = 216

No. of panels = 8

Ave. No. of T = 27.000

TRB

Lag

CD

J

J P-value

MBIC

MAIC

MQIC

1

0.992

118.989

0.073

−404.089

−77.010

−209.264

2

0.995

58.312

0.170

−203.227

−39.687

−105.814

3

−40.707

.

.

.

.

.

CA

1

0.994

113.538

0.134

−409.54

−82.461

−214.715

2

0.994

63.649

0.077

−197.89

−34.350

−100.477

3

0.984

.

.

.

.

.