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Financial Innovation

Table 5 Johansen cointegration test results

From: The interaction between stock prices and interest rates in Turkey: empirical evidence from ARDL bounds test cointegration

Hypothesis

Trace statistics

Critical value

Max-Eigen Statistic

Critical value

None*

20.55195

15.49471*

14.30344

14.26460*

At most 1*

6.248505

3.841465*

6.248505

3.841465*

  1. Cointegration Equations: lnEQ = −4.01715*lnINT / lnINT = −0.24893*lnEQ
  2. Note: Trace and Max-eigenvalue tests indicates 2 cointegrating equations at the 0.05 level. * denotes rejection of the hypothesis at the 0.05 level
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