Cross-sectional dependence (CD) test results
| lnINN = f (BM, TR, lnGDP, GQ, lnEG) | ||
|---|---|---|
| Statistics | Emerging Asian economies | Advanced Asian economies |
| Breusch–Pagan LM | 167.588*** | 47.680*** |
| Pesaran scaled LM | 22.619*** | 8.425*** |
| Δ | 5.526*** | 7.725*** |
| Δadj | 6.464*** | 9.037*** |
| lnINN = f (BM, TR, lnGDP, GQ, lnEG) | ||
|---|---|---|
| Statistics | Emerging Asian economies | Advanced Asian economies |
| Breusch–Pagan LM | 167.588*** | 47.680*** |
| Pesaran scaled LM | 22.619*** | 8.425*** |
| Δ | 5.526*** | 7.725*** |
| Δadj | 6.464*** | 9.037*** |
*** is significant at 1% level
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