Table 5 Outcome of the Westerlund ECM cointegration test.
Statistic | Value | Z-stat | Prob. |
|---|---|---|---|
Gt | −3.096 | −1.972 | 0.024** |
Ga | −8.313 | 0.993 | 0.840 |
Pt | −3.230 | −1.237 | 0.091* |
Pa | −9.534 | −0.422 | 0.336 |
Statistic | Value | Z-stat | Prob. |
|---|---|---|---|
Gt | −3.096 | −1.972 | 0.024** |
Ga | −8.313 | 0.993 | 0.840 |
Pt | −3.230 | −1.237 | 0.091* |
Pa | −9.534 | −0.422 | 0.336 |