“…The analysis of the series stationarity and cointegration when these are non stationary have been developed by various authors in the last decade, both for panel data and for individual countries studies (Perman andStern, 1999 and2003;Lekakis, 2000;Roca et al, 2001;Friedl and Getzner, 2003;Egli, 2004;Dinda and Coondoo, 2006;Wagner, 2008;Halicioglu, 2008;Piaggio, 2008;Song et al, 2008;Lee andLee, 2009 andWang, 2009). …”