Table 4 Johansen cointegration test... | Emerald Publishing

Table 4

Johansen cointegration test

	Johansen trace test				Johansen maximum eigenvalue
	Test	10pct	5pct	1pct	Test	10pct	5pct	1pct
r ≤ 8	4.88	7.52	9.24	12.97	4.88	7.52	9.24	12.97
r ≤ 7	14.18	17.85	19.96	24.60	9.30	13.75	15.67	20.20
r ≤ 6	27.56	32.00	34.91	41.07	13.37	19.77	22.00	26.81
r ≤ 5	49.58	49.65	53.12	60.16	22.02	25.56	28.14	33.24
r ≤ 4	79.90	71.86	76.07	84.45	30.33	31.66	34.40	39.79
r ≤ 3	112.58	97.18	102.14	111.01	32.68	37.45	40.30	46.82
r ≤ 2	158.53	126.58	131.70	143.09	45.95	43.25	46.45	51.91
r ≤ 1	217.26	159.48	165.58	177.20	58.74	48.91	52.00	57.95
r = 0	285.27	196.37	202.92	215.74	68.01	54.35	57.42	63.71

	Johansen trace test				Johansen maximum eigenvalue
	Test	10pct	5pct	1pct	Test	10pct	5pct	1pct
r ≤ 8	4.88	7.52	9.24	12.97	4.88	7.52	9.24	12.97
r ≤ 7	14.18	17.85	19.96	24.60	9.30	13.75	15.67	20.20
r ≤ 6	27.56	32.00	34.91	41.07	13.37	19.77	22.00	26.81
r ≤ 5	49.58	49.65	53.12	60.16	22.02	25.56	28.14	33.24
r ≤ 4	79.90	71.86	76.07	84.45	30.33	31.66	34.40	39.79
r ≤ 3	112.58	97.18	102.14	111.01	32.68	37.45	40.30	46.82
r ≤ 2	158.53	126.58	131.70	143.09	45.95	43.25	46.45	51.91
r ≤ 1	217.26	159.48	165.58	177.20	58.74	48.91	52.00	57.95
r = 0	285.27	196.37	202.92	215.74	68.01	54.35	57.42	63.71

Note(s): 5% critical values are given in parentheses