Table 1.
Results of cross-sectional dependency test and heterogeneity.
Table 2.
Results of conventional panel unit root tests.
Table 3.
Results of second-generation panel unit root tests.
Table 4.
Result of panel cointegration test.
Table 5.
Baseline estimation with OLS, Random effects, and fixed effects.
Table 6.
Results of GMM and system GMM estimation.
Table 7.
Results of asymmetric estimation.
Table 8.
Results of granger causality test with system-GMM specification.
Table 9.
Results of robustness test (dynamic fixed effects).