Table 5.
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" | |||||