Variables

Lags


1

2

3

4


co_{2}

[0.00]^{a}

[0.00]^{a}

[0.01]^{a}

[0.04]^{b}

re

[0.00]^{a}

[0.00]^{a}

[0.01]^{a}

[0.00]^{a}

y

[0.00]^{a}

[0.00]^{a}

[0.00]^{a}

[0.00]^{a}

trs

[0.00]^{a}

[0.00]^{a}

[0.02]^{b}

[0.03]^{b}

tr

[0.01]^{a}

[0.02]^{b}

[0.01]^{a}

[0.02]^{b}

fdi

[0.00]^{a}

[0.00]^{a}

[0.00]^{a}

[0.00]^{a}

 Under the null hypothesis of crosssectional independence, the CD statistic is distributed as a twotailed standard normal. Results are based on the test of Pesaran (2004). Figures in brackets denote Pvalues. Significance levels: a (1%) and b (5%)