Test Statistics

Pedroni based residual cointegration test^*

Test Statistics

Westerlund ECM panel cointegration test

Individual

Individual and intercept

Panel v Panel rho Panel pp Panel ADF Group rho Group pp Group ADF

4.15^***

−9.22^***

−5.36^***

−4.66^***

−6.70^***

−4.98^***

−4.14^***

15.02^***

−13.66^***

−6.44^***

−3.74^***

−10.41^***

−5.79^***

−2.86^***

Gt Ga Pt Pa

−4.068^***

−29.531^***

−16.841^***

−33.796^***