Panel A: Johansen-Fisher | ||
---|---|---|
Hypothesised No. of CE(s) | Fisher Stat (Trace Test) | Fisher Stat (Maximum Eigen Test) |
None | 211.3*** | 109.5*** |
At most 1 | 121.0*** | 67.10*** |
At most 2 | 64.83*** | 44.60*** |
At most 3 | 31.69*** | 26.16** |
At most 4 | 16.07 | 16.32 |
At most 5 | 13.23 | 13.23 |
Panel B: Kao | ||
ADF t-Statistic | P-value | |
−3.4409*** | 0.0003 |