Skip to main content

Table 1 Panel unit root

From: Cashless payment and economic growth

  Im, Pesaran and Shin ADF - Fisher
  At Level 1st Difference At Level 1st Difference
  Intercept Intercept and trend Intercept Intercept and trend Intercept Intercept and trend Intercept Intercept and trend
RGDP 0.8223(0) 0.9968(1) −2.7874(1)*** −1.6815(1)** 5.1035(0) 6.3962(1) 24.089(1)*** 17.3228(1)*
TT −0.4180(1) 0.0685(1) −4.0194(0)*** −2.3304(0)*** 10.763(1) 8.4698(1) 33.531(0)*** 22.5708(0)**
CP 4.4422(0) 0.6077(1) −2.9560(1)*** −3.1328(1)*** 0.5009(0) 6.2787(1) 25.285(1)*** 27.008(1)***
EM 0.5249(1) 0.9926(1) −2.3268(1)** −3.8387(1)*** 13.852(1) 9.0398(1) 28.255(1)*** 32.545(1)***
Che 1.5429(0) 0.5241(1) −3.6186(1)*** −2.9243(1)*** 5.1035(0) 6.3962(1) 24.089(1)*** 17.323(1)*
  1. All series are panel data for Austria, Belgium, France, Germany, and Portugal. The RGDP is the real gross domestic product, TT is the total value of telegraphic transfer, CP is the total value of card payment transaction, EM is the total value of purchases done through electronic money, and Che is the total value of cheques issued for the purchase of goods and services. The *, ** and *** denotes rejection of the null hypothesis of no cointegration, at 10, 5 and 1 % level respectively. Maximum lag (in parenthesis) is automatically selected based on Schwarz information criterion