Table 3 Cross-sectional dependence tests
Breusch-Pagan | p value | Pesaran | p value | Baltagi et al. (2012) | ||
|---|---|---|---|---|---|---|
Statistic | Statistic | Statistic | p value | |||
EF | 8.321*** | 0.000 | 3.207** | 0.012 | 15.312*** | 0.000 |
BRENT | 5.672*** | 0.000 | 6.509*** | 0.000 | 9.217*** | 0.000 |
WTI | 3.517*** | 0.000 | 4.113* | 0.072 | 7.807** | 0.034 |
GDP | 12.229*** | 0.000 | 8.271*** | 0.000 | 13.466*** | 0.000 |
NRE | 7.514*** | 0.000 | 6.119** | 0.026 | 21.612*** | 0.000 |
RE | 4.658*** | 0.000 | 5.573* | 0.068 | 10.594*** | 0.000 |