| Statistical methods | Statistics |
|
| Pedroni Test | Panel v-Statistic | −25.85242 (1.0000) |
|
| Panel rho-Statistic | −1.318870 (0.0936) |
|
| Panel PP-Statistic | −7.216089 (0.0000) |
|
| Panel ADF-Statistic | −7.980418 (0.0000) |
|
| Group rho-Statistic | 2.161981 (0.9847) |
|
| Group PP-Statistic | −4.032946 (0.0000) |
|
| Group ADF-Statistic | −5.359391 (0.0000) |
| Kao Test | ADF | −2.899656 (0.0019) |
| Hypothesized No. of CE(s) | Fisher Stat.* (from trace test) | Fisher Stat.* (from max-eigen test) |
| None | 395.9 (0.0000) | 256.5 (0.0000) |
| At most 1 | 193.8 (0.0000) | 128.9 (0.0000) |
| At most 2 | 104.6 (0.0000) | 69.87 (0.0001) |
| At most 3 | 98.31 (0.0000) | 98.31 (0.0000) |