Table 8 Results of the panel... | Emerald Publishing

Table 8

Results of the panel cointegration estimates

Variable	POLS	FMOLS	DOLS
GDP	−0.267* (0.015)	−0.122 (0.453)	0.323 (0.287)
FS	−0.482* (0.005)	−0.634* (0.004)	−0.408 (0.287)
TOP	3.806* (0.000)	4.472* (0.000)	3.436* (0.047)
PS	−0.049 (0.529)	0.126 (0.290)	−0.083 (0.640)

Variable	POLS	FMOLS	DOLS
GDP	−0.267* (0.015)	−0.122 (0.453)	0.323 (0.287)
FS	−0.482* (0.005)	−0.634* (0.004)	−0.408 (0.287)
TOP	3.806* (0.000)	4.472* (0.000)	3.436* (0.047)
PS	−0.049 (0.529)	0.126 (0.290)	−0.083 (0.640)

Note(s): *, **, and *** represents 1, 5 and 10% significance level, respectively. The p-value shows in parentheses