Table 2 Panel cointegration test DINV...

Table 2

Panel cointegration test

	DINV		XDBT		FDI		OPEN		FINDEV
	Coeficient	p-value	Coeficient	p-value	Coeficient	p-value	Coeficient	p-value	Coeficient	p-value
HDEV
Gt	0.138	0.55	−0.235	0.41	0.709	0.76	1.317	0.91	1.467	0.929
Ga	−10.826**	0.00	−11.338**	0.00	−7.371**	0.00	−9.900**	0.00	−8.650**	0.00
Pt	3.412	1.00	−0.570	0.28	0.427	0.67	2.409	0.99	1.701	0.956
Pa	−4.681**	0.00	−10.384**	0.00	−4.303**	0.00	−4.440**	0.00	−5.974**	0.00
HEDEV
Gt	0.369	0.64	0.069	0.53	−0.653	0.26	−0.244	0.40	−0.588	0.28
Ga	−12.091**	0.00	−13.308**	0.00	−11.006**	0.00	−14.439**	0.00	−14.070**	0.00
Pt	2.791	0.99	0.833	0.80	2.022	0.98	1.980	0.98	2.208	0.99
Pa	−4.026**	0.00	−11.532**	0.00	−3.920**	0.00	−4.760**	0.00	−6.028**	0.00
HIDEV
Gt	−2.312	0.01	−6.455**	0.00	−3.083**	0.00	−3.167**	0.00	−1.914*	0.03
Ga	−3.163**	0.00	−12.714**	0.00	−5.833**	0.00	−4.306**	0.00	−6.808**	0.00
Pt	−1.949*	0.03	−5.372**	0.00	−1.520*	0.04	−2.354*	0.01	1.510	0.94
Pa	−4.33**	0.00	−8.818**	0.00	−2.276**	0.01	−4.643**	0.00	−1.666*	0.04
HLDEV
Gt	−12.452**	0.00	−17.733**	0.00	−25.465**	0.00	−12.835**	0.00	−12.707**	0.00
Ga	−22.151**	0.00	−41.939**	0.00	−38.091**	0.00	−22.927**	0.00	−30.443**	0.00
Pt	−21.046**	0.00	−29.016**	0.00	−43.221**	0.00	−23.027**	0.00	−24.342**	0.00
Pa	−34.356**	0.00	−43.582**	0.00	−37.931**	0.00	−36.448**	0.00	−37.767**	0.00

	DINV		XDBT		FDI		OPEN		FINDEV
	Coeficient	p-value	Coeficient	p-value	Coeficient	p-value	Coeficient	p-value	Coeficient	p-value
HDEV
Gt	0.138	0.55	−0.235	0.41	0.709	0.76	1.317	0.91	1.467	0.929
Ga	−10.826**	0.00	−11.338**	0.00	−7.371**	0.00	−9.900**	0.00	−8.650**	0.00
Pt	3.412	1.00	−0.570	0.28	0.427	0.67	2.409	0.99	1.701	0.956
Pa	−4.681**	0.00	−10.384**	0.00	−4.303**	0.00	−4.440**	0.00	−5.974**	0.00
HEDEV
Gt	0.369	0.64	0.069	0.53	−0.653	0.26	−0.244	0.40	−0.588	0.28
Ga	−12.091**	0.00	−13.308**	0.00	−11.006**	0.00	−14.439**	0.00	−14.070**	0.00
Pt	2.791	0.99	0.833	0.80	2.022	0.98	1.980	0.98	2.208	0.99
Pa	−4.026**	0.00	−11.532**	0.00	−3.920**	0.00	−4.760**	0.00	−6.028**	0.00
HIDEV
Gt	−2.312	0.01	−6.455**	0.00	−3.083**	0.00	−3.167**	0.00	−1.914*	0.03
Ga	−3.163**	0.00	−12.714**	0.00	−5.833**	0.00	−4.306**	0.00	−6.808**	0.00
Pt	−1.949*	0.03	−5.372**	0.00	−1.520*	0.04	−2.354*	0.01	1.510	0.94
Pa	−4.33**	0.00	−8.818**	0.00	−2.276**	0.01	−4.643**	0.00	−1.666*	0.04
HLDEV
Gt	−12.452**	0.00	−17.733**	0.00	−25.465**	0.00	−12.835**	0.00	−12.707**	0.00
Ga	−22.151**	0.00	−41.939**	0.00	−38.091**	0.00	−22.927**	0.00	−30.443**	0.00
Pt	−21.046**	0.00	−29.016**	0.00	−43.221**	0.00	−23.027**	0.00	−24.342**	0.00
Pa	−34.356**	0.00	−43.582**	0.00	−37.931**	0.00	−36.448**	0.00	−37.767**	0.00

Note(s): ** and * are respective significant level at 1 and 5%. Pt and Pa statistics investigate cointegration in whole panel while Gt and Ga statistic investigate the existence of cointegration in at least one panel

Source(s): Authors computation from STATA 17

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