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Table 1.

Results of cross-sectional dependency test and heterogeneity.

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Table 2.

Results of conventional panel unit root tests.

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Table 3.

Results of second-generation panel unit root tests.

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Table 4.

Result of panel cointegration test.

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Table 5.

Baseline estimation with OLS, Random effects, and fixed effects.

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Table 6.

Results of GMM and system GMM estimation.

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Table 7.

Results of asymmetric estimation.

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Table 8.

Results of granger causality test with system-GMM specification.

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Table 9.

Results of robustness test (dynamic fixed effects).

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