Table 5.

The optimal lag order of PVAR model.

lag	AIC	BIC	HQIC
1	−4.927	−3.258	−4.261
2	−9.13989	−6.941	−8.279
3	−14.215*	−11.324*	−13.137*
4	19.151	22.934	20.361
5	21.629	25.877	21.584

Note: * denotes the optimal lag order chosen for the corresponding criterion.