Financial Innovation

Table 2 VAR Lag Order Selection Criteria

From: Cointegration between macroeconomic factors and the exchange rate USD/CNY

Lag	LogL	LR	FPE	AIC	SC	HQ
0	− 478.6142	NA	320.6609	26.8674	27.0873	26.9442
1	−346.5227	220.1524	849.1512	20.9179	22.2375	21.3785
2	−313.2510	46.2107^a	583.9447^a	20.4583^a	22.8776^a	21.3027^a

LR is sequentrial modified LR test statistic (5% level of each test), FPE is Final predication error. AIC is Akaike information criterion, SC is Schwarz information criterion, HQ is Hannan Quinn information criterion
^ashowes orders of lag selected by the criterion

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