Table 5 Results of cointegration test...

Table 5

Results of cointegration test

Test	Statistics	Value	Null hypothesis: No cointegration
Pedroni	ADF	5.975***	$R e j e c t n u l l h y p o t h e s i s a t 1 %$
Kao	ADF	1.502**	$R e j e c t n u l l h y p o t h e s i s a t 5 %$
Westerlund	CR	1.788**	$R e j e c t n u l l h y p o t h e s i s a t 5 %$

Note(s):

ADF = Augment Dickey−Fuller; VR = Variance ratio. ** and ***indicate statistical significance at 5 and 1%, respectively

Source(s): Authors’ own work

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