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Table 8 Panel cointegration tests (Westerlund)

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

Statistic Value Z-value P-value Robust P-value
Gt −2.748 −1.428 0.077 0.030
Ga −13.514 −0.617 0.269 0.000
Pt −10.865 −4.817 0.000 0.010
Pa −25.236 −5.724 0.000 0.000
  1. Source: Authors’ computation
  2. Note: Null hypothesis was no cointegration. Gt and Ga represent group mean tests; Pa and Pt are the panel mean tests