Table 3 Panel cointegration tests
Model 1 Dependent variable: equalization1 | Model 2 Dependent variable: equalization2 | |||
|---|---|---|---|---|
Statistics | p-value | Statistics | p-value | |
Pedroni test | ||||
Modified Phillips-Perron t | 7.122** | 0.000 | 5.861** | 0.000 |
Phillips-Perron t | −9.080** | 0.000 | −16.000** | 0.000 |
Augmented Dickey-Fuller t | − 7.601** | 0.000 | −13.295** | 0.000 |
Westerlund test | ||||
Variance ratio | −1.647* | 0.050 | −1.932* | 0.027 |