Table 5. Results of Johansen... | Emerald Publishing

Table 5.

Results of Johansen cointegration test (trace statistics)

H0	H1	Trace statistics	5% critical value	Probability*
r = 0	r = 1	18.28000	15.49471	0.0185
r ≤ 1	r = 2	0.317736	3.841466	0.5730

H0	H1	Trace statistics	5% critical value	Probability*
r = 0	r = 1	18.28000	15.49471	0.0185
r ≤ 1	r = 2	0.317736	3.841466	0.5730

Note:

*MacKinnon-Haug-Michelis (1999) p-values

Source: Authors calculation

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