The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 4 Johansen’s cointegration test results
Hypothesized no. of CE(s) | Eigenvalue | Trace statistic | 0.05 critical value | Prob.** |
|---|---|---|---|---|
a) Unrestricted cointegration rank test (trace) | ||||
None* | 0.983186 | 168.0641 | 69.81889 | 0.0000 |
At most 1 | 0.502068 | 41.41225 | 47.85613 | 0.1759 |
At most 2 | 0.301950 | 19.79619 | 29.79707 | 0.4368 |
At most 3 | 0.232817 | 8.652780 | 15.49471 | 0.3985 |
At most 4 | 0.013994 | 0.436867 | 3.841466 | 0.5086 |
Hypothesized no. of CE(s) | Eigenvalue | Max-eigen statistic | 0.05 critical value | Prob.** |
|---|---|---|---|---|
b) Unrestricted cointegration rank test (maximum eigenvalue) | ||||
None* | 0.983186 | 126.6518 | 33.87687 | 0.0000 |
At most 1 | 0.502068 | 21.61606 | 27.58434 | 0.2407 |
At most 2 | 0.301950 | 11.14341 | 21.13162 | 0.6330 |
At most 3 | 0.232817 | 8.215914 | 14.26460 | 0.3572 |
At most 4 | 0.013994 | 0.436867 | 3.841466 | 0.5086 |