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Financial Innovation

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
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