Table 4 Johasen and Juselius... | Emerald Publishing

Table 4

Johasen and Juselius cointegration test

Hypothesized no. of CE(s)	Eigenvalue	λ_trace	5% at CV	Prob.**	λ_Max	5% CV	Prob.**
None*	0.901943	100.1393	69.81889	0.0000	65.02165	33.87687	0.0000
At most 1	0.415013	35.11760	47.85613	0.4418	15.31857	27.58434	0.7472
At most 2	0.332512	20.10496	29.79707	0.4158	11.31857	21.13162	0.6155

Hypothesized no. of CE(s)	Eigenvalue	λ_trace	5% at CV	Prob.**	λ_Max	5% CV	Prob.**
None*	0.901943	100.1393	69.81889	0.0000	65.02165	33.87687	0.0000
At most 1	0.415013	35.11760	47.85613	0.4418	15.31857	27.58434	0.7472
At most 2	0.332512	20.10496	29.79707	0.4158	11.31857	21.13162	0.6155

Source(s): Authors’ computation

* denotes rejection of the hypothesis at the 0.05 level

**MacKinnon-Haug-Michelis (1999) p-values

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