Table 3.

Lag order selection

Lag	logL	LR	FPE	AIC	SC	HQ
0	154.451	NA	1.511	− 10.675	− 10.437	− 10.602
1	294.036	219.348*	4.590*	− 18.858*	− 17.432*	− 18.423*
2	312.398	22.295	8.910	− 18.385	− 15.768	− 17.585

Standard errors are showed by () and the *, **, and *** indicate the significance levels at 1%, 5%, and 10%, respectively