Developed Countries

Developing Countries

Individual Intercept

Trend and Intercept

No Trend and no intercept

Individual Intercept

Trend and Intercept

No Trend and no intercept

Panel Test

T-Stat

T-Stat

T-Stat

T-Stat

T-Stat

T-Stat

Pedroni Cointergartion Test

Pane v-Stat

1.671598**

2.284257**

1.671598**

1.580775*

1.663160**

0.128708

Panel rho-Stat

2.141385

1.236345

2.141385

0.854642

1.868318

0.471027

Panel pp-Stat

3.808782

2.394778

3.808782

1.408440

2.682553

0.720075

Panel ADF -Stat

1.842974

−1.442411*

1.842974

2.988357

−3.436450***

2.104624

Group rho-Stat

3.664736

2.162138**

3.664736

1.344780

1.663160

−1.300591

Group PP-Stat

6.746518

3.636954

6.746518

1.801023

1.868318

1.334551

Group ADF-Stat

3.286623

0.720643

3.286623

1.734769

2.682553

3.192017