Table 2.

Johansen Co-integration test results.

Series: AO CA EX LD RF LA TQ
Unrestricted Co-integration Rank Test (Trace)
Hypothesised no. of CE(s)	Eigen Value	Trace Statistic	0.05 Critical Value	Prob **
None*	0.788598	276.6346	117.7082	0.0000
At most 1*	0.525874	122.7892	88.80380	0.0000
At most 2	0.220894	48.90739	63.87610	0.4633
At most 3	0.107769	24.19621	42.91525	0.8281
At most 4	0.086164	12.90720	25.87211	0.7454
At most 5	0.039472	3.986896	12.51798	0.7440

Unrestricted Co-integration Rank Test (Maximum Eigenvalue)
Hypothesised No. of CE(s)	Eigenvalue	Max-Eigen Statistic	0.05 Critical value	Prob. **
None *	0.788598	153.8454	44.49720	0.0000
At most 1*	0.525874	73.88184	38.33101	0.0000
At most 2	0.220894	24.71118	32.11832	0.3035
At most 3	0.107769	11.28901	25.82321	0.9126
At most 4	0.086164	8.920301	19.38704	0.7326
At most 5	0.039472	3.986896	12.51798	0.7440

Trace test indicates 2 co-integrating Eqn.(s) at the 0.05 level. * denotes rejection of the hypothesis at the 0.05 level. ** MacKinnon-Haug-Michelis (1999) p-values. Max-eigenvalue test indicates 2 cointegrating eqn(s) at the 0.05 level. * denotes rejection of the hypothesis at the 0.05 level. ** Mackinnon-Haug-Michelis (1999) p-values.