| Unrestricted Cointegration Rank Test (Trace) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| Hypothesized |
| Trace | 0.05 |
|
| No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
|
|
|
|
|
|
|
|
|
|
|
|
| None * | 0.979303 | 180.1706 | 69.81889 | 0.0000 |
| At most 1 * | 0.521936 | 52.20391 | 47.85613 | 0.0185 |
| At most 2 | 0.489500 | 27.84954 | 29.79707 | 0.0825 |
| At most 3 | 0.147255 | 5.661485 | 15.49471 | 0.7351 |
| At most 4 | 0.012190 | 0.404751 | 3.841466 | 0.5246 |
|
|
|
|
|
|
|
|
|
|
|
|
| Trace test indicates 2 cointegrating eqn(s) at the 0.05 level | ||||
| * denotes rejection of the hypothesis at the 0.05 level | ||||
| **MacKinnon-Haug-Michelis (1999) p-values |
| |||
|
|
|
|
|
|
| Unrestricted Cointegration Rank Test (Maximum Eigenvalue) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
| Hypothesized |
| Max-Eigen | 0.05 |
|
| No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
|
|
|
|
|
|
|
|
|
|
|
|
| None * | 0.979303 | 127.9667 | 33.87687 | 0.0000 |
| At most 1 | 0.521936 | 24.35437 | 27.58434 | 0.1228 |
| At most 2 * | 0.489500 | 22.18806 | 21.13162 | 0.0354 |
| At most 3 | 0.147255 | 5.256734 | 14.26460 | 0.7092 |
| At most 4 | 0.012190 | 0.404751 | 3.841466 | 0.5246 |
|
|
|
|
|
|
|
|
|
|
|
|
| Max-eigenvalue test indicates 1 cointegrating eqn(s) at the 0.05 level | ||||
| * denotes rejection of the hypothesis at the 0.05 level | ||||
| **MacKinnon-Haug-Michelis (1999) p-values |
| |||


雷达卡



京公网安备 11010802022788号







