Table 4.
Kao cointegration test results.
|
t-statistic |
p value |
|
| ADF | −2.993222 | 0.0014 |
| Residual variance | 5557785 | |
| HAC variance | 7461243 | |
ADF: augmented Dickey-Fuller test, HAC: Het-ero-skedasticity and autocorrelation consistent co-variance estimator.
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