Null hypothesis: Series are not cointegrated

Automatic lags specification based on Akaike criterion (maxlag = 12)

Dependent

tau-statistic

Prob.*

z-statistic

Prob.*

LM2

−4.820635

0.0589

−43.46458

0.0178

EXR

−4.935277

0.0453

−47.48814

0.0075

IFR

−5.590841

0.0103

19.36761

1.0000

LCPS

−3.552120

0.4853

−43.38370

0.0167

LCIC

−4.902115

0.0490

−47.82295

0.0070