Table 4

Hypothesized No. of cointegrations . | Model I/1: FoodPOV1 . | Model I/2: FoodPOV2 . | Model I/3: FoodPOV3 . | Model II/1: WatPOV1 . | Model 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 cointegrations . | Model I/1: FoodPOV1 . | Model I/2: FoodPOV2 . | Model I/3: FoodPOV3 . | Model II/1: WatPOV1 . | Model 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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