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Table 1.

Discription of variables.

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Fig 1.

Estimation pattern.

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Table 2.

Summary statistics.

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Table 3.

Correlation test and CSD estimations.

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Table 4.

CIPS and CADF statistics.

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Table 5.

Pedroni and Kao cointegration tests.

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Table 6.

Westerlund cointegration test.

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Table 7.

AMG and CCEMG results.

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Table 8.

Robustness check (DOLS and FMOLS estimations).

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Table 9.

Pairwise dumitrescu hurlin panel causality tests.

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