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Financial Innovation

Table 6 Panel cointegration test (Pedroni)

From: Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Statistics

Within-Dimension (Panel)

Between-Dimension (Group)

 

Statistics

Weighted Statistics

Statistics

V-Statistic

−1.9183

−0.9060

 

Rho-Statistic

2.1301

0.0997

0.6765

PP-Statistic

−5.5956***

− 4.0487***

− 5.3958***

ADF-Statistic

− 6.3521***

−1.7493**

−1.5060*

  1. Source: Authors’ computation
  2. Note: ***, ** and * represent statistical significance at the 1%, 5% and 10% statistical levels, respectively. Trend assumption: deterministic intercept and trend
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