Table 5 Results of panel cointegration test.
From: Revisited the role of foreign aid in capital formation: experience of South Asian countries
Panel statistics | Westerlund (2007) cointegration test | Cointegration test with structural breaks | |||
|---|---|---|---|---|---|
C | C&T | Zϕ (N) test | Zτ (N) | ||
Test statistics | Test statistics | Test statistics | Test statistics | ||
Gt | −2.99* | −3.78* | No break | −5.65** | −3.24* |
Ga | −11.87* | −13.45* | Mean shift | −2.98** | −2.06* |
Pt | −7.77* | −6.77 | Regime shift | −3.52** | −2.78** |
Pa | −7.88 | −11.56* | |||
