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%