Johansen Fisher panel co-integration test
| Hypothesized No. of CE(s) | Fisher stat.* (trace test) | Prob | Fisher stat.* (max-eigen test) | Prob |
|---|---|---|---|---|
| None | 8.318 | 0.7598 | 8.318 | 0.7598 |
| At most 1 | 8.318 | 0.7598 | 8.318 | 0.7598 |
| At most 2 | 4.159 | 0.9804 | 794.3*** | 0.0000 |
| At most 3 | 0.000 | 1.0000 | 110.5*** | 0.0000 |
| At most 4 | 110.5*** | 0.0000 | 1,580*** | 0.0000 |
| At most 5 | 132.3*** | 0.0000 | 95.07*** | 0.0000 |
| At most 6 | 51.46*** | 0.0000 | 40.33*** | 0.0001 |
| At most 7 | 23.51** | 0.0237 | 23.51** | 0.0237 |
| Hypothesized No. of CE(s) | Fisher stat.* (trace test) | Prob | Fisher stat.* (max-eigen test) | Prob |
|---|---|---|---|---|
| None | 8.318 | 0.7598 | 8.318 | 0.7598 |
| At most 1 | 8.318 | 0.7598 | 8.318 | 0.7598 |
| At most 2 | 4.159 | 0.9804 | 794.3*** | 0.0000 |
| At most 3 | 0.000 | 1.0000 | 110.5*** | 0.0000 |
| At most 4 | 110.5*** | 0.0000 | 1,580*** | 0.0000 |
| At most 5 | 132.3*** | 0.0000 | 95.07*** | 0.0000 |
| At most 6 | 51.46*** | 0.0000 | 40.33*** | 0.0001 |
| At most 7 | 23.51** | 0.0237 | 23.51** | 0.0237 |
Note(s): (***) and (**) denotes 1 and 5% significance, respectively
Source(s): Author’s construction from E-view 9
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