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Kao Cointegration test.
| Model 1 |
Model 2 |
Model 3 |
Model 4 |
Model 5 |
|||||
|---|---|---|---|---|---|---|---|---|---|
| Test statistic | P-value | Test statistic | P-value | Test statistic | P-value | Test statistic | P-value | Test statistic | P-value |
| −3.548 | 0.000 | −4.010 | 0.000 | −3.725 | 0.000 | −3.863 | 0.000 | −3.702 | 0.000 |
| “Cointegration exists" | “Cointegration exists" | “Cointegration exists" | “Cointegration exists" | “Cointegration exists" | |||||
