Cross-sectional dependence (CD) analysis
| Variables | Breusch test | Pesaran test | ||
|---|---|---|---|---|
| Statistic | Probability | Statistic | Probability | |
| CMR | 427.095 | 0.000 | 52.379 | 0.000 |
| REA | 473.952 | 0.000 | 53.712 | 0.000 |
| FRA | 18.903 | 0.231 | 8.918 | 0.328 |
| ECG | 99.703 | 0.000 | 8.512 | 0.000 |
| FDI | 78.464 | 0.000 | 5.644 | 0.000 |
| BSD | 234.322 | 0.000 | 26.051 | 0.000 |
| VOA | 118.017 | 0.000 | 10.960 | 0.000 |
| Variables | Breusch test | Pesaran test | ||
|---|---|---|---|---|
| Statistic | Probability | Statistic | Probability | |
| 427.095 | 0.000 | 52.379 | 0.000 | |
| 473.952 | 0.000 | 53.712 | 0.000 | |
| 18.903 | 0.231 | 8.918 | 0.328 | |
| 99.703 | 0.000 | 8.512 | 0.000 | |
| 78.464 | 0.000 | 5.644 | 0.000 | |
| 234.322 | 0.000 | 26.051 | 0.000 | |
| 118.017 | 0.000 | 10.960 | 0.000 | |
The acronyms can be seen in Table 1Â