Johanson multivariate cointegration tests
| Trace test | ||
| Null hypothesis | Alternative hypothesis | Trace statistic |
| r=0 | r>0 | (32.984)** |
| r⩽1 | r>1 | (13.815) |
| r⩽2 | r>2 | (1.432) |
| Maximum eigenvalue test | ||
| Null hypothesis | Alternative hypothesis | Max-Eigen statistic |
| r=0 | r=1 | (19.168)** |
| r=1 | r=2 | (12.383) |
| r=2 | r=3 | (1.432) |
| Null hypothesis | Alternative hypothesis | Trace statistic |
| (32.984)** | ||
| (13.815) | ||
| (1.432) | ||
| Null hypothesis | Alternative hypothesis | Max-Eigen statistic |
| (19.168)** | ||
| (12.383) | ||
| (1.432) | ||
Note: **Significant 5 percent level
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