Table 5.
Cointegration test results
| Rank | Rank | ||
|---|---|---|---|
| Argentina | 2 | New Zealand | 4 |
| Australia | 3 | Peru | 3 |
| Brazil | 2 | Philippines | 3 |
| Canada | 3 | South Africa | 2 |
| China | 2 | Saudi Arabia | 2 |
| Chile | 2 | Singapore | 2 |
| Euro area | 1 | Sweden | 3 |
| India | 1 | Switzerland | 2 |
| Indonesia | 3 | Thailand | 1 |
| Japan | 2 | Turkey | 1 |
| Korea | 4 | UK | 1 |
| Mexico | 1 | USA | 4 |
| Norway | 2 |
Table reports the rank number chosen by the Johansen cointegration test. For the case of UK and Canada, the number of ranks has been reduced by one. Results are unchanged irrespective of considering the model with PITR shocks or CITR shocks