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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