;"Kao Residual Cointegration Test";"Johansen Fisher Panel Cointegration Test"
;;"Fisher Stat. (trace test)";"Fisher Stat. (max-eigen test)"
;-2.289***;;
;(0.000);;
;;;
None;;194.4***;125.2***
;;(0.000);(0.000)
"At most 1";141.2***;87.43***
;;(0.000);(0.000)
"At most 2";85.93***;58.79***
;;(0.000);(0.000)
"At most 3";38.06***;23.55***
;;(0.000);(0.009
"At most 4";24.17***;14.36
;;(0.007);(0.157)
"At most 5";28.37***;28.37***
;;(0.002);(0.002)