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Table 1.

Variables and descriptions.

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Table 2.

Cross sectional dependency test.

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Table 2 Expand

Table 3.

Panel unit root test summary.

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Table 3 Expand

Table 4.

Panel cointegration test.

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Table 4 Expand

Table 5.

Johnson fisher panel cointegration test.

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Table 6.

Pair-wise Granger causality test.

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Table 6 Expand

Table 7.

Wald test statistic.

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Table 7 Expand

Fig 1.

Normality test.

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Fig 1 Expand

Table 8.

Breusch-Pagan test.

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