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Table 3 Pedroni residual panel cointegration test for inflation and CC series

From: Interplays among R&D spending, patent and income growth: new empirical evidence from the panel of countries and groups

Hypotheses → / test criteria↓ Null hypothesis: no cointegration Statistic (prob.) Weighted statistic (prob.)
No deterministic trend Alternative hypothesis: common AR coefficients (within-dimension) Panel v-statistic 0.183 (0.42) − 1.05 (0.83)
Panel rho-statistic 0.21 (0.51) 1.16 (0.87)
Panel PP-statistic − 0.72 (0.23) 0.36 (0.64)
Panel ADF-statistic − 0.97 (0.16) 0.16 (0.56)
Alternative hypothesis: individual AR coefficients (between-dimension) Group rho-statistic 2.189 (0.93) -
Group PP-statistic 0.65 (0.74) -
Group ADF-statistic 0.32 (0.62) -
Deterministic intercept and trend Alternative hypothesis: common AR coefficients (within-dimension) Panel v-statistic 1.506 (0.06) 1.03 (0.15)
Panel rho-statistic − 0.81 (0.20) 1.05 (0.85)
Panel PP-statistic − 4.90 (0.00) − 1.09 (0.13)
Panel ADF-statistic − 1.89 (0.02) − 0.49 (0.30)
Alternative hypothesis: individual AR coefficients (between-dimension) Group rho-statistic 2.12 (0.95) -
Group PP-statistic − 0.38 (0.35) -
Group ADF-statistic − 0.75 (0.22) -
No deterministic intercept and trend Alternative hypothesis: common AR coefficients (within-dimension) Panel v-statistic − 0.41 (0.66) − 1.22 (0.88)
Panel rho-statistic − 0.60 (0.27) 0.92 (0.82)
Panel PP-statistic − 1.64 (0.05) 0.22 (0.58)
Panel ADF-statistic − 1.08 (0.13) 0.78 (0.78)
Alternative hypothesis: individual AR coefficients (between-dimension) Group rho-statistic 2.66 (0.99) -
Group PP-statistic 1.15 (0.87) -
Group ADF-statistic 1.71 (0.95) -
  1. Source: computed by the authors using Eviews