Working Paper Series: Special Edition of 2016 to 2018 Interns

Appendix Table 4: Johansen Fisher Panel Co-integration Test No. of CE(s)

Prob.

Max Eigen test

Prob.

Fisher stat Trace test

Eq. 2 w/ TO None

291.6

0.0000

161.4

0.0000

At most 1

131.3

0.0000

80.12

0.0000

At most 2

67.74

0.0000

37.99

0.0002

At most 3

38.26

0.0001

34.30

0.0006

At most 4

15.07

0.2377

15.07

0.2377

Eq. 2 w/ TA None

293.9

0.0000

188.5

0.0000

At most 1

109.3

0.0000

65.37

0.0000

At most 2

53.59

0.0000

35.04

0.0005

At most 3

27.61

0.0063

26.40

0.0094

At most 4

11.18

0.5137

11.18

0.5137

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