Table 4. Bayer and Hanck cointegration...

Table 4.

Bayer and Hanck cointegration test

Model	EG-JOH-BOBDM	Critical value at 5% level	Inference
T_t = f(IP_t, EM_t, CPI_t, EPU_t, EX_t, GPR_t)	24.63*	21.01	Cointegration
IP_t = f(T_t, EM_t, CPI_t, EPU_t, EX_t, GPR_t)	35.61	21.01	Cointegration

Model	EG-JOH-BOBDM	Critical value at 5% level	Inference
T_t = f(IP_t, EM_t, CPI_t, EPU_t, EX_t, GPR_t)	24.63*	21.01	Cointegration
IP_t = f(T_t, EM_t, CPI_t, EPU_t, EX_t, GPR_t)	35.61	21.01	Cointegration

Note:

(*) Shows rejection of the null of no cointegration hypothesis at 5% level of significance

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