Table 5.

Johansen cointegration test results of Model 2.

Source: Authors’ calculations

Maximum rank	LL*	Eigenvalue	Trace statistic	1% critical value
0	749.28		216.63	76.07
1	819.76	0.76	75.66	54.46
2	836.79	0.29	41.61	35.65
3	848.15	0.21	18.88	20.04
4	856.68	0.16	1.83	6.65

VAR Specification includes unrestricted constant and one lag

*Log likelihood values