Research Article
A Study of RMB Internationalization Path Based on Border Area Perspective
Table 8
Kao test results of overall model and divisional models.
| | Overall model (3) | Kao residual cointegration test | | ADF | t statistic | Prob. | | −5.116029 | 0.0000 | | Residual variance | 2.073562 | — | | HAC variance | 1.852340 | — |
| | Southern Yunnan model (4) | Kao residual cointegration test | | ADF | t statistic | Prob. | | −2.452871 | 0.0071 | | Residual variance | 1.475345 | — | | HAC variance | 1.394516 | — |
| | Central Yunnan model (5) | Kao residual cointegration test | | ADF | t statistic | Prob. | | −4.66203 | 0.0000 | | Residual variance | 0.036618 | — | | HAC variance | 0.036618 | — |
| | Northern Yunnan model (6) | Kao residual cointegration test | | ADF | t statistic | Prob. | | −2.252246 | 0.0122 | | Residual variance | 3.807812 | — | | HAC variance | 3.539807 | — |
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