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Table 3.

Johansen's cointegration test.

Model 1Model 2Model 3
Trace
statistic
Max-eigen
statistic
Trace
statistic
Max-eigen
statistic
Trace
statistic
Max-eigen
statistic
 19.61** 16.60** 30.47** 17.55 17.07** 17.03** 
 3.01 3.01 12.92 7.01 0.048 0.048 
Model 1Model 2Model 3
Trace
statistic
Max-eigen
statistic
Trace
statistic
Max-eigen
statistic
Trace
statistic
Max-eigen
statistic
 19.61** 16.60** 30.47** 17.55 17.07** 17.03** 
 3.01 3.01 12.92 7.01 0.048 0.048 

Note: The optimal number of lags is chosen based on the Schwarz information criterion. Model 1: , model 2: , and model 3: .

**Significance at the 5% level.

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