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