Table 3. Cross sectional dependence (CD)...

Table 3.

Cross sectional dependence (CD) test result

Variable	CD-test	Corr.	Abs(corr.)
LnCPI	16.90	0.992	0.992
HDI	16.89	0.992	0.992
FEXR	16.17	0.950	0.950
LnMS	16.96	0.996	0.996

Notes:

CD ∼ N(0,1); *** denotes significance at the 1% level