Table 4.

Johansen cointegration test results of Model 1.

Source: Authors’ calculations

Maximum rank	LL*	Eigenvalue	Trace statistic	1% critical value
0	547.07		233.62	103.18
1	590.44	0.96	146.87	76.07
2	626.58	0.93	50.15	54.46
3	644.56	0.73	29.64	35.65
4	657.09	0.60	13.58	20.04
5	661.63	0.29	4.49	6.65

VAR Specification includes unrestricted constant and three lags

*Log likelihood values