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*** |