Characteristic root tracing test | ||||
CE | CV | Trace statistic | 5% Critical value | Prob.** |
None* | 0.903956 | 57.39438 | 35.01090 | 0.0001 |
At most 1* | 0.781349 | 26.93610 | 18.39771 | 0.0025 |
At most 2* | 0.424046 | 7.172459 | 3.841466 | 0.0074 |
Max-eigenvalue test | ||||
CE | CV | Max-Eigen | 5% Critical value | Prob.** |
None* | 0.903956 | 30.45828 | 24.25202 | 0.0066 |
At most 1* | 0.781349 | 19.76364 | 17.14769 | 0.0204 |
At most 2* | 0.424046 | 7.172459 | 3.841466 | 0.0074 |
Standardization of cointegration vector | ||||
| ZHEIT | ZHGDP | ZHEDT |
|
| 1.000000 | −11.70409 | −4.270640 |
|
|
| (2.31841) | (0.85188) |
|