Table 3

Panel cointegration results

Panel A: Low-income countriesPanel B: Middle-income countries
t-StatisticProbabilityt-StatisticProbability
Pedroni residual cointegration test
Pedroni panel cointegration test – within-dimension
Panel v-Statistic14.286690.00002.8380630.0023
Panel rho-Statistic−3.4580240.0003−2.1887970.0143
Panel PP-Statistic−0.1926490.4236−1.9708110.0244
Panel ADF-Statistic−0.4577110.3236−2.1617090.0153
Pedroni panel cointegration test – between-dimension
Group rho-Statistic−2.7344730.0031−0.1540090.4388
Group PP-Statistic−4.2795360.0000−1.5426540.0615
Group ADF-statistic−5.1388240.0000−2.2368470.0126
PANEL 2: Kao residual cointegration test
ADF−2.6270230.0043−2.1653640.0152
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