Table 4 Convergence of efficiency...

Table 4

Convergence of efficiency

	Coefficient	t-statistics
European Union	−1.6748	−54.1004*
Eurozone	−1.6695	−50.6722*
Commercial	−1.5136	−24.5433*
Cooperative	−1.6896	−62.3616*
Savings	−2.1759	−72.0216*
United States	−2.3548	−19.5428*
Commercial	−2.1795	−10.0094*
Cooperative	−1.5185	−102.129*
Savings	−1.0879	−29.1054*

	Coefficient	t-statistics
European Union	−1.6748	−54.1004*
Eurozone	−1.6695	−50.6722*
Commercial	−1.5136	−24.5433*
Cooperative	−1.6896	−62.3616*
Savings	−2.1759	−72.0216*
United States	−2.3548	−19.5428*
Commercial	−2.1795	−10.0094*
Cooperative	−1.5185	−102.129*
Savings	−1.0879	−29.1054*

Note(s): 1. Phillips and Sul (2007) convergence methodology was applied by using the model introduced by Du (2018) on Stata statistical software. 2. * indicates the rejection of the null hypothesis of convergence at the 5% significance level

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