Table 2.

Selection of optimal lag order of VAR model

Lag	AIC	HQ	SC	FPE
lag-1	25.90	26.23	26.75*	1.77E+11
lag-2	25.49*	26.05*	26.91	1.19E+11*
lag-3	25.61	26.38	27.60	1.38E+11
lag-4	25.55	26.55	28.11	1.36E+11
lag-5	25.57	26.79	28.70	1.50E+11
lag-6	25.78	27.22	29.48	2.07E+11

Optimal lag order. ⁺P<0.10, * P<0.05, ** P<0.01, *** P<0.001.