In order to identify long-run relationships, we present the results of the pooled and mean-group ADF t-statisticsdeveloped byPedroni (1999)for the specifications with and without heterogeneous deterministic trends.Pedroni(1999)rescales the mean-group ADFt-statistic withN−1/2so that it is distributed as a standard normal distribution. Thestandardisation of the cointegration statistics can be expressed as
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