Total number of cointegrating equations indicated by trace statistics and maximum eigenvalue statistics during different study periods
| Time period | Unrestricted cointegration rank test (trace) | Unrestricted cointegration rank test (maximum eigen value) |
|---|---|---|
| Period-I (Pre-COVID-19 period) | 9 | 5 |
| Period-II (COVID-19 period) | 5 | 4 |
| Period-III (Post-COVID-19 period) | 5 | 5 |
| Period-IV (Most recent period) | 4 | 3 |
| Time period | Unrestricted cointegration rank test (trace) | Unrestricted cointegration rank test (maximum eigen value) |
|---|---|---|
| Period-I (Pre-COVID-19 period) | 9 | 5 |
| Period-II (COVID-19 period) | 5 | 4 |
| Period-III (Post-COVID-19 period) | 5 | 5 |
| Period-IV (Most recent period) | 4 | 3 |
Source(s): Author’s calculations