Table 7 Johansen cointegration results...

Table 7

Johansen cointegration results

Hypothesized No. of CE(s)	Trace statistic	0.05 critical value	Probability
None^a	104.1383	69.8189	0.0000
At most 1^a	57.3386	47.8561	0.0050
At most 2^a	31.2308	29.7971	0.0340
At most 3	13.1452	15.4947	0.1096
At most 4	1.0277	3.8415	0.3107

Hypothesized No. of CE(s)	Trace statistic	0.05 critical value	Probability
None^a	104.1383	69.8189	0.0000
At most 1^a	57.3386	47.8561	0.0050
At most 2^a	31.2308	29.7971	0.0340
At most 3	13.1452	15.4947	0.1096
At most 4	1.0277	3.8415	0.3107

Hypothesized No. of CE(s)	Max Eigen statistics	0.05 critical value	Probability
None^a	46.7997	33.8769	0.0009
At most 1	26.1079	27.5843	0.0763
At most 2	18.0855	21.1316	0.1267
At most 3	12.1175	14.2646	0.1063
At most 4	1.0277	3.8415	0.3107

Hypothesized No. of CE(s)	Max Eigen statistics	0.05 critical value	Probability
None^a	46.7997	33.8769	0.0009
At most 1	26.1079	27.5843	0.0763
At most 2	18.0855	21.1316	0.1267
At most 3	12.1175	14.2646	0.1063
At most 4	1.0277	3.8415	0.3107

Note(s): Trace test shows 3 cointegrating equations at the 0.05 level. Max-eigenvalue test shows 1 cointegrating equations at 0.05 level

Represents a rejection of the hypothesis at the 0.05 level

Source(s): Authors' computation

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