Table VII Johansen’s cointegration test...

Table VII

Johansen’s cointegration test (maximum-eigenvalue) results

			5 percent	1 percent
Hypothesized no. of CE(s)	Eigenvalue	Max-eigen statistic	Critical value	Critical value
None**	0.499212	67.08254	49.42	54.71
At most 1	0.273951	31.05343	43.97	49.51
At most 2	0.253972	28.42019	37.52	42.36
At most 3	0.194515	20.98214	31.46	36.65
At most 4	0.162728	17.22776	25.54	30.34
At most 5	0.105896	10.85755	18.96	23.65
At most 6	0.046873	4.656729	12.25	16.26

			5 percent	1 percent
Hypothesized no. of CE(s)	Eigenvalue	Max-eigen statistic	Critical value	Critical value
None**	0.499212	67.08254	49.42	54.71
At most 1	0.273951	31.05343	43.97	49.51
At most 2	0.253972	28.42019	37.52	42.36
At most 3	0.194515	20.98214	31.46	36.65
At most 4	0.162728	17.22776	25.54	30.34
At most 5	0.105896	10.85755	18.96	23.65
At most 6	0.046873	4.656729	12.25	16.26

Notes: Max-eigenvalue test indicates 1 cointegrating equation(s) at both 5 and 1 percent, respectively. (**)Denotes rejection of the hypothesis at the 5 percent

Source: Computed Using Eviews 9.0 Package

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