Results of cointegration, homoscedasticity and serial correlations tests (model 1)
| Cointegration (Kao test) | Homoscedasticity | Serial correlation | |||
|---|---|---|---|---|---|
| Modif. Dickey-Fuller t | 1.979** | Breusch-Pagan test | 1.25 | Wooldridge test | 11.486*** |
| Dickey-Fuller t | −5.039*** | White test | 17.54 | ||
| Augmented Dickey-Fuller t | 0.379 | Cameron and Trivedi test | 17.54 | ||
| Unadj. modif. Dickey-Fuller t | −0.348 | ||||
| Unadj.Dickey-Fuller t | −7.173*** | ||||
| Cointegration (Kao test) | Homoscedasticity | Serial correlation | |||
|---|---|---|---|---|---|
| Modif. Dickey-Fuller t | 1.979** | Breusch-Pagan test | 1.25 | Wooldridge test | 11.486*** |
| Dickey-Fuller t | −5.039*** | White test | 17.54 | ||
| Augmented Dickey-Fuller t | 0.379 | Cameron and Trivedi test | 17.54 | ||
| Unadj. modif. Dickey-Fuller t | −0.348 | ||||
| Unadj.Dickey-Fuller t | −7.173*** | ||||
Note(s): ***, ** and * denote significance at 1, 5 and 10 percent level respectively
Source(s): Authors’ processing
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