Table AII The results of Johansen... | Emerald Publishing

Table AII

The results of Johansen co-integration tests

Model	H₀	H₁	Likelihood Ratio Test (LRT)	5% Level	Conclusion
$l n D_{t}^{m}$ and $l n P_{t}^{m}$	R=0	R=1	36.3822	15.41	Reject null hypothesis
	R⩽1	R=2	0.5634	3.76	Accept null hypothesis
$l n D_{t}^{m} and l n P_{t}^{m}$ ⁠, lnINC_t	R=0	R=1	64.9046	29.68	Reject null hypothesis
	R⩽1	R=2	11.9356	15.41	Accept null hypothesis
	R⩽2	R=3	0.4079	3.76	Accept null hypothesis
$l n D_{t}^{m}$ and $l n P_{t}^{m}$ ⁠, lnINC_t, $l n P_{t}^{c}$	R=0	R=1	47.9734	47.21	Reject null hypothesis
	R⩽1	R=2	17.3725	29.68	Accept null hypothesis
	R⩽2	R=3	3.5156	15.41	Accept null hypothesis

Model	H₀	H₁	Likelihood Ratio Test (LRT)	5% Level	Conclusion
$l n D_{t}^{m}$ and $l n P_{t}^{m}$	R=0	R=1	36.3822	15.41	Reject null hypothesis
	R⩽1	R=2	0.5634	3.76	Accept null hypothesis
$l n D_{t}^{m} and l n P_{t}^{m}$ , lnINC_t	R=0	R=1	64.9046	29.68	Reject null hypothesis
	R⩽1	R=2	11.9356	15.41	Accept null hypothesis
	R⩽2	R=3	0.4079	3.76	Accept null hypothesis
$l n D_{t}^{m}$ and $l n P_{t}^{m}$ , lnINC_t, $l n P_{t}^{c}$	R=0	R=1	47.9734	47.21	Reject null hypothesis
	R⩽1	R=2	17.3725	29.68	Accept null hypothesis
	R⩽2	R=3	3.5156	15.41	Accept null hypothesis

Note: R represents the number of co-integration vector