Table 4 Result of VAR order Lag...

Table 4

Result of VAR order Lag selection of the model

Lag length	AIC	SIC	HQC
0	4.451314	4.704646	4.542911
1	−15.44106*	−13.66774*	−14.79988*
2	−15.13417	−11.84086	−13.94341
3	−15.22188	−10.40857	−13.48154

Note(s): * indicates lag order selected by the respective criteria

Source(s): Authors’ calculation