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Financial Innovation

Table 2 Pedroni residual cointegration test

From: Cashless payment and economic growth

Models

Panel v

Panel rho

Panel PP

Panel ADF

Group rho

Group PP

Group ADF

Deterministic intercept

−0.6885

0.6995

−4.9928***

−4.2132***

2.2475

−3.4070***

−1.9160***

No deterministic intercept and trend

−1.7442

1.2988

−2.7423***

−2.2420**

1.9034

−7.3923***

−5.8199***

  1. The *, ** and *** denotes rejection of the null hypothesis of no cointegration, at 10, 5 and 1 % level respectively. Maximum lag is automatically selected based on Schwarz information criterion
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