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Financial Innovation

Table 5 Johansen and Juselius cointegration

From: Testing the relationship between financial sector output, employment and economic growth in North Cyprus

Hypothesis

λtrace

5% Crit. Value

Prob.**

Eigenvalue

λmax

5% Crit. Value

Prob.**

Nonea

64.06

35.19

0.0000

0.746

46.60

22.30

0.0000

At most 1

17.46

20.26

0.1161

0.294

11.82

15.89

0.1968

At most 2

5.65

9.16

0.2199

0.153

5.65

9.16

0.2199

  1. adenotes rejection of the hypothesis at the 0.05 level
  2. **McKinnon-Haug-Michelis (1999) p-values
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