Results of Johansen cointegration test
| Null hypo. | Trace test statistic | p-value | Null hypo. | Maximum eigenvalue | p-value |
|---|---|---|---|---|---|
| r=0 | 60.93311*** | 0.0019 | r=0 | 28.37345** | 0.0396 |
| r⩽1 | 32.55966** | 0.0234 | r⩽1 | 23.42932** | 0.0233 |
| r⩽2 | 9.130335 | 0.3535 | r⩽2 | 9.027878 | 0.2838 |
| r⩽3 | 0.102456 | 0.7489 | r⩽3 | 0.102456 | 0.7489 |
| Null hypo. | Trace test statistic | Null hypo. | Maximum eigenvalue | ||
|---|---|---|---|---|---|
| 60.93311*** | 0.0019 | 28.37345** | 0.0396 | ||
| 32.55966** | 0.0234 | 23.42932** | 0.0233 | ||
| 9.130335 | 0.3535 | 9.027878 | 0.2838 | ||
| 0.102456 | 0.7489 | 0.102456 | 0.7489 |
Notes: r represents the number of cointegrating equation. **,***Show the rejection of the null hypothesis at 5 and 1 percent levels of significance, respectively
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