Table 4 Johansen Cointegration Test Based on Trace and Maximum Eigen-Values of the Stochastic matrix
Trace Test | Maximum EigenValue | ||||||
|---|---|---|---|---|---|---|---|
H0: Rank r | Ha: Rank = r | Trace Statistics | 0.05 Critical Value | H0: Rank r | Ha: Rank = r | Statistics | 0.05 Critical Value |
r = 0 | r = 1 | 84.68859 | 69.81889 | r = 0 | r = 1 | 39.85148 | 33.87687 |
r < = 1 | r = 2 | 44.83710 | 47.85618 | r < = 1 | r = 2 | 25.59544 | 27.58438 |
r < = 2 | r = 3 | 19.24166 | 29.79707 | r < = 2 | r = 3 | 14.87035 | 21.13162 |
r < = 3 | r = 4 | 4.371317 | 15.49471 | r < = 3 | r = 4 | 4.189725 | 14.26460 |
r < = 4 | r = 5 | 0.181593 | 3.841466 | r < = 4 | r = 5 | 0.181593 | 3.841466 |