Statistic | Value | Significance level |
Panel rho | −1.757** | 5% |
Panel PP | −7.328*** | 1% |
Panel ADF | −7.209*** | 1% |
Group rho | −0.480 | Not significant |
Group PP | −8.714*** | 1% |
Group ADF | −8.027*** | 1% |
Kao | 1.97** | 5% |