Results of Johansen cointegration tests
| Countries | Vector | Trace statistics | Critical value | Max-eigen statistics | Critical value | Remarks |
|---|---|---|---|---|---|---|
| Bangladesh | 0 | 88.573 | 55.24578 | 50.99703 | 30.81507 | Cointegration |
| 1 | 37.57597 | 35.0109 | 28.15466 | 24.25202 | ||
| India | 0 | 94.97033 | 55.24578 | 53.18445 | 30.81507 | Cointegration |
| 1 | 41.78588 | 35.0109 | 27.80338 | 24.25202 | ||
| Nepal | 0 | 65.24821 | 55.24578 | 31.38856 | 30.81507 | Cointegration |
| 1 | 34.85966 | 35.0109 | 14.99801 | 24.25202 | ||
| Bhutan | 0 | 38.15839 | 47.85613 | 17.29272 | 27.58434 | No Cointegration |
| 1 | 20.86568 | 29.79707 | 11.46506 | 21.13162 | ||
| Thailand | 0 | 57.43045 | 55.24578 | 35.70826 | 30.81507 | Cointegration |
| 1 | 31.72219 | 35.0109 | 21.47818 | 24.25202 | ||
| Sri Lanka | 0 | 105.2674 | 55.24578 | 43.16943 | 30.81507 | Cointegration |
| 1 | 62.098 | 35.0109 | 34.3137 | 24.25202 | ||
| Myanmar | 0 | 138.6338 | 55.24578 | 64.64653 | 30.81507 | Cointegration |
| 1 | 73.98729 | 35.0109 | 49.22953 | 24.25202 |
| Countries | Vector | Trace statistics | Critical value | Max-eigen statistics | Critical value | Remarks |
|---|---|---|---|---|---|---|
| Bangladesh | 0 | 88.573 | 55.24578 | 50.99703 | 30.81507 | Cointegration |
| 1 | 37.57597 | 35.0109 | 28.15466 | 24.25202 | ||
| India | 0 | 94.97033 | 55.24578 | 53.18445 | 30.81507 | Cointegration |
| 1 | 41.78588 | 35.0109 | 27.80338 | 24.25202 | ||
| Nepal | 0 | 65.24821 | 55.24578 | 31.38856 | 30.81507 | Cointegration |
| 1 | 34.85966 | 35.0109 | 14.99801 | 24.25202 | ||
| Bhutan | 0 | 38.15839 | 47.85613 | 17.29272 | 27.58434 | No Cointegration |
| 1 | 20.86568 | 29.79707 | 11.46506 | 21.13162 | ||
| Thailand | 0 | 57.43045 | 55.24578 | 35.70826 | 30.81507 | Cointegration |
| 1 | 31.72219 | 35.0109 | 21.47818 | 24.25202 | ||
| Sri Lanka | 0 | 105.2674 | 55.24578 | 43.16943 | 30.81507 | Cointegration |
| 1 | 62.098 | 35.0109 | 34.3137 | 24.25202 | ||
| Myanmar | 0 | 138.6338 | 55.24578 | 64.64653 | 30.81507 | Cointegration |
| 1 | 73.98729 | 35.0109 | 49.22953 | 24.25202 |
Source(s): The authors
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