Test

Calculated test statistic

5% critical value

Engle and Granger

−3.197909

0.0717

−3.161978

0.2018

Phillips-Ouliaris (1990)

−3.488888

0.0345

−3.837277

0.0448

Johansen

Maximum Eigen Value

38.81014

19.38704

Trace

46.55772

25.87211

Kanioura and Turner (2005) F-test

4.735876

5.83

Gregory-Hansen

Model C

−4.23

−4.61

Model C/T

−4.11

−5.50

Model C/S

−4.21

−4.95