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Table 6 Panel residual cointegration test results (across income groups)

From: The dynamic linkage between renewable energy, tourism, CO2 emissions, economic growth, foreign direct investment, and trade

  Statistic Prob. Weighted
Statistic Prob.
Lower-Middle-Income countries
 Alternative hypothesis: common AR coefs. (within-dimension)
  Panel v-stat − 5.291 0.00*** − 6.715 0.00***
  Panel rho-stat − 6.392 0.00*** − 7.426 0.00***
  Panel PP-stat − 7.350 0.00*** − 7.148 0.00***
  Panel ADF-stat − 6.142 0.00*** − 6.168 0.00***
 Alternative hypothesis: individual AR coefs. (between-dimension)
  Group rho-stat − 6.945 0.00***   
  Group PP-stat − 12.547 0.00***   
  Group ADF-stat − 7.916 0.00***   
Upper-Middle-Income countries
 Alternative hypothesis: common AR coefs. (within-dimension)
  Panel v-stat − 6.327 0.00*** − 7.709 0.00***
  Panel rho-stat − 6.918 0.00*** − 8.894 0.00***
  Panel PP-stat − 11.316 0.00*** − 8.645 0.00***
  Panel ADF-stat − 7.264 0.00*** − 7.632 0.00***
 Alternative hypothesis: individual AR coefs. (between-dimension)
  Group rho-stat − 7.942 0.00***   
  Group PP-stat − 13.906 0.00***   
  Group ADF-stat − 8.319 0.00***   
High-Income countries
 Alternative hypothesis: common AR coefs. (within-dimension)
  Panel v-stat − 8.236 0.00*** − 8.732 0.00***
  Panel rho-stat − 9.147 0.00*** − 8.046 0.00***
  Panel PP-stat − 13.341 0.00*** − 7.749 0.00***
  Panel ADF-stat − 8.429 0.00*** − 7.657 0.00***
 Alternative hypothesis: individual AR coefs. (between-dimension)
  Group rho-stat − 9.836 0.000***   
  Group PP-stat − 15.554 0.000***   
  Group ADF-stat − 9.937 0.000***   
  1. Null hypothesis: no cointegration. “***” indicates statistical significance at the 1 % level. We consider the case intercept and deterministic trends. Lag length selection is based on SIC with a max lag of 2. Newey–West automatic bandwidth selection and Bartlett Kernel