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Cointegration tests.
| Null hypothesis | Eigenvalue | Trace | Max |
|---|---|---|---|
| r = 0 | 0.40 | 116.59⁎⁎ | 41.88⁎⁎ |
| r ≤ 2 | 0.33 | 74.71⁎⁎ | 32.10⁎⁎ |
| r ≤ 3 | 0.23 | 42.61⁎⁎ | 21.26⁎ |
| r ≤ 4 | 0.18 | 21.35⁎⁎ | 15.61⁎ |
| r ≤ 5 | 0.07 | 5.74 | 5.74 |
*(**)indicates the rejection of the null hypothesis at 10%(5%)significance level.
