31
Table 1. Kao (1999) and Pedroni (1999) cointegration tests
|
(2) |
■ 3 . |
4-^- | ||
|
Industrial |
Industrial |
Developing |
Developing | |
|
Kao (1999) DF ρ* test |
10.89 |
10.42 |
-15.65 |
11.62 |
|
Kao (1999) ADF stat, 1 lag |
-4.24 (0.00) |
-4.48 (0.00) |
-4.73 (0.00) |
-4.17 (0.00) |
|
Kao (1999)ADF stat, 2 lags |
-4.36 (0.00) |
-4.52 (0.00) |
-4.29 (0.00) |
-4.61 (0.00) |
|
Pedroni (1999) t stat for ρ nt |
-333.6 |
-237.1 |
-472.4 |
-315.2 |
Note: cointegration tests are performed on the vector including NFA, log GDP per capita, public debt and the
three composite demographic variables. The table reports the value of the statistic, with p-values in parenthesis.
The null hypothesis in all tests is lack of cointegration. DF (ADF) stands for (augmented) Dickey-Fuller.