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Table 10 Pedroni Panel Cointegration Test

From: Is health care a necessary or luxury product for Asian countries? An answer using panel approach

Pedroni (1999, 2004) Engle – Granger Based Cointegration Test, H 0 : No Cointegration

Panel Statistic

Group Statistic

 

IM

LE

IM

LE

 

Stat.

W-Stat

Stat.

W-Stat

Stat.

Stat.

Deterministic Specification: No Constant & Trend

V-Stat

3.069a

1.629a

−2.61

0.407

-

-

 

(0.001)

(0.051)

(0.995)

(0.341)

-

-

Rho-Stat

−4.214a

−3.116a

−0.372

−2.349a

−1.659b

−1.227

 

(0.000)

(0.000)

(0.354)

(0.009)

(0.048)

(0.109)

PP-Stat

−5.164a

−5.469a

−4.595a

−4.942a

−7.727a

−8.896a

 

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

ADF-Stat

−4.58a

−6.337a

−4.582a

−5.999a

−8.271a

−9.302a

 

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

Deterministic Specification: Constant Only

V-Stat

0.573

−0.024

2.113b

−0.061

-

-

 

(0.283)

(0.509)

(0.017)

(0.524)

-

-

Rho-Stat

−0.701

−1.813b

0.071

−1.57c

0.093

0.292

 

(0.241)

(0.034)

(0.528)

(0.058)

(0.537)

(0.615)

PP-Stat

−1.826b

−6.580a

−1.015

−6.389a

−7.881a

−8.119a

 

(0.033)

(0.000)

(0.154)

(0.000)

(0.000)

(0.000)

ADF-Stat

−1.328c

−9.675a

−1.129

−8.969a

−11.31a

−10.507a

 

(0.092)

(0.000)

(0.129)

(0.000)

(0.000)

(0.000)

Deterministic Specification: Constant & Trend

V-Stat

−2.933

−3.527

2.113b

−0.061

-

-

 

(0.998)

(0.999)

(0.017)

(0.524)

-

-

Rho-Stat

3.022

1.37

0.071

−1.57b

3.023

0.292

 

(0.998)

(0.914)

(0.528)

(0.058)

(0.998)

(0.615)

PP-Stat

0.316

−5.997a

−1.015

−6.389a

−8.391a

−8.119a

 

(0.624)

(0.000)

(0.154)

(0.000)

(0.000)

(0.000)

ADF-Stat

0.653

−8.513a

−1.129

−8.969a

−8.197a

−10.507a

 

(0.743)

(0.000)

(0.124)

(0.000)

(0.000)

(0.000)

  1. Note: a,b and c Indicates 1%, 5% and 10% level of significance respectively