Table 4.

Westerlund’s (2007) cointegration test

Statistics	Value	p-value
Gτ	− 1.099**	(0.012)
Gα	− 1.522*	(0.000)
Pτ	− 2.083*	(0.008)
Pα	− 1.209*	(0.000)

^* < 0.01, ** < 0.05, *** < 0.10