| Variable | Hypotheses | Trace test | Max eigenvalue test (λmax) | Result | |||
| H0 | H1 | Trace test | Critical value at 5% | Max eigenvalue test | Critical value at 5% | ||
| LCE and LGDPG | r = 0 | r = 1 | 12.3576 | 15.4947 |
| 14.2646 | 0 cointégration |
|
| r 1 | r = 2 | 1.2035 | 3.8414 | 1.2035 | 3.8414 | 0 cointégration |
| LCE and LGDPH | r = 0 | r = 1 | 15.7341 | 15.4947 | 13.4692 | 14.2646 | 1 cointégration |
|
| r 1 | r = 2 | 2.2648 | 3.8414 | 2.2648 | 3.8414 | 0 cointégration |
| LCE and LGDPT | r = 0 | r = 1 | 10.6649 | 15.4947 | 9.9163 | 14.2646 | 0 cointégration |
|
| r 1 | r = 2 | 0.7485 | 3.8414 | 0.7485 | 3.8414 | 0 cointégration |
| LCE and LPO | r = 0 | r = 1 | 29.3948 | 15.4947 | 23.3952 | 14.2646 | 2 cointégration |
|
| r 1 | r = 2 | 5.9995 | 3.8414 | 5.9995 | 3.8414 | 2 cointégration |
| LCE and LH | r = 0 | r = 1 | 12.9084 | 15.4947 | 10.4744 | 14.2646 | 0 cointégration |
|
| r 1 | r = 2 | 2.4339 | 3.8414 | 2.4339 | 3.8414 | 0 cointégration |
| LCE and LS | r = 0 | r = 1 | 26.6844 | 15.4947 | 25.3330 | 14.2646 | 1 cointégration |
|
| r 1 | r = 2 | 1.3513 | 3.8414 | 1.3513 | 3.8414 | 0 cointégration |