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 |