Test method

Statistic

Is there a co integration relationship

Pedroni Residual Cointegration Test

Panel v-Statistic

1.700309**

Co integration

Panel rho-Statistic

2.942350

Non Cointegration

Panel PP-Statistic

−7.683736***

Co integration

Panel ADF-Statistic

−5.103321***

Co integration

Group rho-Statistic

4.662493

Non Cointegration

Group PP-Statistic

−9.731409***

Co integration

Group ADF-Statistic

−1.830720**

Co integration

Kao Residual Cointegration Test

ADF

−2.135520**

Co integration