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Pedroni cointegration Within-dimension Panel v-stat Panel rho-stat Statistic 6.171767 Prob (0.0000)*** -4.717783 (0.0000)*** Panel PP-stat -5.061205 (0.0000)*** Panel ADF-Stat -1.728339 (0.0420)** Between-dimension Group rho-stat

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Pedroni cointegration Within-dimension Panel v-stat Panel rho-stat Statistic 6.171767 Prob (0.0000)*** -4.717783 (0.0000)*** Panel PP-stat -5.061205 (0.0000)*** Panel ADF-Stat -1.728339 (0.0420)** Between-dimension Group rho-stat -3.546867 (0.0002)*** Group PP-stat -4.752628 (0.0000)*** Group ADF-stat -1.878533 (0.0302)**

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