Panel Cointegration Test
Posted: Tue Feb 24, 2009 10:34 am
I have estimated the cointegration between economic growth and differents measures of finanical development using Pedroni’s Panel Cointegration Test. the results turn to be significant, however, the cofficients are negative. I checked differents studies that have used Pedroni’s Panel Cointegration Test and found that their results are also negative.
Can anyine explain why the results are negative (cofficients). here is my resuts:
SMC VT TR
Panel v-Statistic -3.84*** -3.86*** -3.86***
Panel rho-Statistic -9.24*** -8.37*** -8.84***
Panel PP-Statistic -34.25*** -36.67*** -36.05***
Panel ADF-Statistic -19.11*** -19.24*** -17.79***
Group rho-Statistic -6.88*** -6.21*** -6.62***
Group PP-Statistic -37.63*** -38.20*** -39.83***
Group ADF-Statistic -20.81*** -19.33*** -18.69***
Can anyine explain why the results are negative (cofficients). here is my resuts:
SMC VT TR
Panel v-Statistic -3.84*** -3.86*** -3.86***
Panel rho-Statistic -9.24*** -8.37*** -8.84***
Panel PP-Statistic -34.25*** -36.67*** -36.05***
Panel ADF-Statistic -19.11*** -19.24*** -17.79***
Group rho-Statistic -6.88*** -6.21*** -6.62***
Group PP-Statistic -37.63*** -38.20*** -39.83***
Group ADF-Statistic -20.81*** -19.33*** -18.69***