Johansen cointegration test
| Trace test (trace) | |||
|---|---|---|---|
| Assumption null (H0) | Test statistic | Value (5%) | p-value |
| None | 327.8207 | 125.6154 | 0.0000 |
| At most 1 | 236.0944 | 95.75366 | 0.0000 |
| At most 2 | 169.0709 | 69.81889 | 0.0000 |
| At most 3 | 111.3488 | 47.85613 | 0.0000 |
| At most 4 | 63.57091 | 29.79707 | 0.0000 |
| At most 5 | 22.97397 | 15.49471 | 0.0031 |
| At most 6 | 7.815210 | 3.841466 | 0.0052 |
| Maximum Value Test (Max-Eigenvalue) | |||
| None | 91.72629 | 46.23142 | 0.0000 |
| At most 1 | 67.02355 | 40.07757 | 0.0000 |
| At most 2 | 57.72205 | 33.87687 | 0.0000 |
| At most 3 | 47.77791 | 27.58434 | 0.0000 |
| At most 4 | 40.59694 | 21.13162 | 0.0000 |
| At most 5 | 15.15876 | 14.26460 | 0.0360 |
| At most 6 | 7.815210 | 3.841466 | 00052 |
| Trace test (trace) | |||
|---|---|---|---|
| Assumption null ( | Test statistic | Value (5%) | |
| None | 327.8207 | 125.6154 | 0.0000 |
| At most 1 | 236.0944 | 95.75366 | 0.0000 |
| At most 2 | 169.0709 | 69.81889 | 0.0000 |
| At most 3 | 111.3488 | 47.85613 | 0.0000 |
| At most 4 | 63.57091 | 29.79707 | 0.0000 |
| At most 5 | 22.97397 | 15.49471 | 0.0031 |
| At most 6 | 7.815210 | 3.841466 | 0.0052 |
| None | 91.72629 | 46.23142 | 0.0000 |
| At most 1 | 67.02355 | 40.07757 | 0.0000 |
| At most 2 | 57.72205 | 33.87687 | 0.0000 |
| At most 3 | 47.77791 | 27.58434 | 0.0000 |
| At most 4 | 40.59694 | 21.13162 | 0.0000 |
| At most 5 | 15.15876 | 14.26460 | 0.0360 |
| At most 6 | 7.815210 | 3.841466 | 00052 |
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