Table 4. Johansen co-integration tests... | Emerald Publishing

Table 4.

Johansen co-integration tests

Hypothesized no. of CE(s)	Trace statistic	0.05 critical value	Prob.**
None *	153.4053	125.6154	0.0003
At most 1	90.57058	95.75366	0.1078
At most 2	52.86522	69.81889	0.5111
At most 3	32.30343	47.85613	0.5954
At most 4	15.06970	29.79707	0.7756
At most 5	4.770919	15.49471	0.8327
At most 6	0.007651	3.841466	0.9298
Maximum Eigenvalue
None *	62.83469	46.23142	0.0004
At most 1	37.70536	40.07757	0.0904
At most 2	20.5618	33.87687	0.7166
At most 3	17.23372	27.58434	0.5599
At most 4	10.29879	21.13162	0.7162
At most 5	4.763268	14.2646	0.7714
At most 6	0.007651	3.841465	0.9298

Hypothesized no. of CE(s)	Trace statistic	0.05 critical value	Prob.**
None *	153.4053	125.6154	0.0003
At most 1	90.57058	95.75366	0.1078
At most 2	52.86522	69.81889	0.5111
At most 3	32.30343	47.85613	0.5954
At most 4	15.06970	29.79707	0.7756
At most 5	4.770919	15.49471	0.8327
At most 6	0.007651	3.841466	0.9298
Maximum Eigenvalue
None *	62.83469	46.23142	0.0004
At most 1	37.70536	40.07757	0.0904
At most 2	20.5618	33.87687	0.7166
At most 3	17.23372	27.58434	0.5599
At most 4	10.29879	21.13162	0.7162
At most 5	4.763268	14.2646	0.7714
At most 6	0.007651	3.841465	0.9298