Table 3 Pesaran’s (2004) cross-sectional dependence test.
Categories | Test statistic | p value |
|---|---|---|
Emerging economies | ||
CO2 | 15.58 | 0.00 |
NRR | 11.43 | 0.00 |
FI | 14.25 | 0.00 |
FDI | 0.50 | 0.62 |
VA | 2.41 | 0.02 |
PS | −2.26 | 0.02 |
GE | −1.37 | 0.17 |
RQ | −1.25 | 0.21 |
RL | −1.66 | 0.09 |
CC | −2.45 | 0.01 |
Developed economies | ||
CO2 | 19.16 | 0.00 |
NRR | 6.23 | 0.00 |
FI | 5.03 | 0.00 |
FDI | 2.54 | 0.01 |
VA | 7.87 | 0.00 |
PS | 3.59 | 0.00 |
GE | 7.09 | 0.00 |
RQ | 0.69 | 0.49 |
RL | 7.44 | 0.00 |
CC | −1.07 | 0.28 |
All economies | ||
CO2 | 36.23 | 0.00 |
NRR | 19.30 | 0.00 |
FI | 14.79 | 0.00 |
FDI | 3.77 | 0.00 |
VA | 19.17 | 0.00 |
PS | −0.12 | 0.90 |
GE | 0.27 | 0.78 |
RQ | −0.93 | 0.35 |
RL | 4.06 | 0.00 |
CC | −1.13 | 0.26 |
