Johansen Fisher and Kao residual panel co-integration tests
| Hypothesized No. of CE(s) | Fisher stat.* (trace test) | Fisher stat.* (max-eigen test) |
|---|---|---|
| None | 287.0*** | 167.7*** |
| At most 1 | 129.3*** | 85.70*** |
| At most 2 | 76.56*** | 54.24*** |
| At most 3 | 54.09*** | 34.67*** |
| At most 4 | 34.87*** | 28.55** |
| At most 5 | 29.94*** | 29.94** |
| Kao residual co-integration test | t-Statistic | |
| ADF | −1.665163** | |
| Hypothesized No. of CE(s) | Fisher stat.* (trace test) | Fisher stat.* (max-eigen test) |
|---|---|---|
| None | 287.0*** | 167.7*** |
| At most 1 | 129.3*** | 85.70*** |
| At most 2 | 76.56*** | 54.24*** |
| At most 3 | 54.09*** | 34.67*** |
| At most 4 | 34.87*** | 28.55** |
| At most 5 | 29.94*** | 29.94** |
| ADF | −1.665163** | |
Source(s): Author's assemblage: (***) and (**) represent 1 and 5% significance levels, respectively
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