Table 5. Bootstrap cointegration test...

Table 5.

Bootstrap cointegration test results

Statistic	Value	Z-value	p-value	Robust p-value
Gt	−1.532	1.662	0.952	0.683
Ga	−15.002	1.283	0.100	0.002***
Pt	−3.988	1.290	0.614	0.000***
Pa	−17.050	3.270	0.001	0.000***

Note:

*** denotes significance at the 1% level