HYPOTHESIZED NO. OF CE(S)

ROA, GBY, RGDP, IR, JSEM, UR

ROE, GBY, RGDP, IR, JSEM, UR

TA, GBY, RGDP, IR, JSEM, UR

TRACE STATISTICS

TRACE STATISTICS

TRACE STATISTICS

NONE*

153.82

141.47

183.61

AT MOST 1*

87.08***

74.636

96.14

AT MOST 2*

58.77***

48.46***

56.78***

AT MOST 3*

32.31***

28.54***

28.67***

AT MOST 4*

16.45***

12.75**

12.99***

AT MOST 5*

3.44**

4.06**

3.27**

BOUNDS TEST(F-STATISTIC)

1.23

4.94***

8.35***