| |
Low income |
|
Middle income |
| PP-Stat |
ADF-Stat |
PP-Stat |
ADF-Stat |
| Within-dimension |
-4.09** |
-4.98** |
-1.87** |
-2.13** |
| Between-dimension |
-8.13** |
-7.91** |
-3.89** |
-3.33** |
|
| Note: ** indicates significant at 5%.The results withinterceptand no trend.Lag length selection based on SIC. |
| Table 3: Pedroni co-integration test. |