Table 5 Westerlund cointegration test. H0: no cointegration
| Statistic | z value | p value | ||
|---|---|---|---|---|
| Group mean test | G τ | − 3.247 | − 5.523 | 0.000 |
| G α | − 15.877 | − 2.899 | 0.002 | |
| Whole panel | P τ | − 14.566 | − 4.339 | 0.000 |
| P α | − 13.718 | − 3.980 | 0.000 |
| Statistic | z value | p value | ||
|---|---|---|---|---|
| Group mean test | G τ | − 3.247 | − 5.523 | 0.000 |
| G α | − 15.877 | − 2.899 | 0.002 | |
| Whole panel | P τ | − 14.566 | − 4.339 | 0.000 |
| P α | − 13.718 | − 3.980 | 0.000 |