Markets

Lag Order

Lag 2

Lag 4

Lag 6

Lag 8

Test Statistic

P values

Test Statistic

P values

Test Statistic

P values

Test Statistic

P values

Dar

15.086***

0.005

8.264***

0.003

4.567***

0.001

4.702***

0.003

Mbeya

10.071***

0.002

5.819***

0.005

2.512**

0.012

2.095*

0.068

Morogoro

13.319***

0.001

7.382***

0.006

2.335*

0.058

2.051*

0.062

Shinyanga

10.363***

0.008

5.812***

0.002

2.408**

0.023

2.284*

0.054

Mpanda

11.477***

0.006

6.057***

0.006

3.494***

0.004

2.506**

0.040

Dodoma

13.023***

0.004

7.521***

0.001

3.940***

0.001

2.752**

0.017

Arusha

17.823***

0.000

8.845***

0.000

4.339***

0.002

4.145***

0.001

Lindi

10.644***

0.003

5.298***

0.005

2.893**

0.029

2.654**

0.047

Mtwara

13.591***

0.000

7.229***

0.001

3.739***

0.006

2.508**

0.024

Bukoba

12.081***

0.001

6.599***

0.002

2.451**

0.048

1.641

0.139

Songea

7.706***

0.001

6.447***

0.000

4.230***

0.001

3.363***

0.002

Tanga

13.350***

0.008

7.690***

0.001

4.179***

0.002

2.778**

0.048

Musoma

10.834***

0.001

5.416***

0.005

3.691***

0.007

3.554***

0.002

Kigoma

10.062***

0.004

4.117***

0.009

2.688**

0.025

2.262*

0.073