Hypothesized No. of CE(s) | Trace Statistic | Prob.** | Max-Eigen Statistic | Prob.** | Decision |
Bhutan | |||||
None | 10.540 | 0.241 | 8.171 | 0.361 | Trace test indicates no cointegration at the 0.05 level |
At most 1 | 2.368 | 0.123 | 2.368 | 0.123 | Max-eigenvalue test indicates no cointegration at the 0.05 level |
Ethiopia | |||||
None * | 8.261 | 0.004 | 8.261 | 0.004 | Trace test indicates 1 cointegrating eqn(s) at the 0.05 level |
Max-eigenvalue test indicates 1 cointegrating eqn(s) at the 0.05 level | |||||
India | |||||
None * | 21.002 | 0.006 | 19.705 | 0.006 | Trace test indicates 1 cointegrating eqn(s) at the 0.05 level |
At most 1 | 1.297 | 0.254 | 1.297 | 0.254 | Max-eigenvalue test indicates 1 cointegrating eqn(s) at the 0.05 level |
Brazil | |||||
None | 5.596 | 0.742 | 4.620 | 0.788 | Trace test indicates no cointegration at the 0.05 level |
At most 1 | 0.976 | 0.323 | 0.976 | 0.323 | Max-eigenvalue test indicates no cointegration at the 0.05 level |
UK |