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Table 4

Panel cointegration tests

Hypothesized No. of cointegrationsModel I/1: FoodPOV1Model I/2: FoodPOV2Model I/3: FoodPOV3Model II/1: WatPOV1Model II/2: WatPOV2
a) Johansenfisher panel cointegration test (Probabilities are computed using asymptotic Chi-square distribution. Fisher-statistics used from trace test) 
 At most 2 26.74** 9.704 5.545 26.74** 43.77*** 
 At most 3 43.77*** 9.704 5.545 77.84*** 77.84*** 
 At most 4 94.88*** 77.84*** 22.58*** 128.9*** 111.9*** 
 At most 5 128.9*** 111.9*** 73.68*** 128.9*** 128.9*** 
 At most 6 128.9*** 128.9*** 73.68*** 83.26*** 140.8*** 
 At most 7 128.9*** 128.9*** 73.68*** 62.70*** 58.87*** 
 At most 8 128.9*** 128.9*** 73.68*** 42.85*** 40.58*** 
 At most 9 91.99*** 80.55*** 58.96*** 23.54* 31.50*** 
 At most 10 41.02*** 45.14*** 52.59***   
b) Kao residual cointegration test (Newey–West automatic bandwidth selection and Bartlett kernel) 
 ADF statistic −2.8059*** −2.2850** −1.8306** 0.7263 1.6312* 
Hypothesized No. of cointegrationsModel I/1: FoodPOV1Model I/2: FoodPOV2Model I/3: FoodPOV3Model II/1: WatPOV1Model II/2: WatPOV2
a) Johansenfisher panel cointegration test (Probabilities are computed using asymptotic Chi-square distribution. Fisher-statistics used from trace test) 
 At most 2 26.74** 9.704 5.545 26.74** 43.77*** 
 At most 3 43.77*** 9.704 5.545 77.84*** 77.84*** 
 At most 4 94.88*** 77.84*** 22.58*** 128.9*** 111.9*** 
 At most 5 128.9*** 111.9*** 73.68*** 128.9*** 128.9*** 
 At most 6 128.9*** 128.9*** 73.68*** 83.26*** 140.8*** 
 At most 7 128.9*** 128.9*** 73.68*** 62.70*** 58.87*** 
 At most 8 128.9*** 128.9*** 73.68*** 42.85*** 40.58*** 
 At most 9 91.99*** 80.55*** 58.96*** 23.54* 31.50*** 
 At most 10 41.02*** 45.14*** 52.59***   
b) Kao residual cointegration test (Newey–West automatic bandwidth selection and Bartlett kernel) 
 ADF statistic −2.8059*** −2.2850** −1.8306** 0.7263 1.6312* 

Note: ***, ** and * indicate 1, 5 and 10% significance level.

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