| VAR Lag Order Selection Criteria |
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| Endogenous variables: LFY LDY LM2 LREER LTBAL |
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| Exogenous variables: C |
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| Date: 03/05/20 Time: 18:11 |
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| Sample: 2001Q4 2019Q4 |
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| Included observations: 67 |
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| Lag | LogL | LR | FPE | AIC | SC | HQ |
| 0 | 96.41028 | NA | 4.49e−08 | −2.728665 | −2.564136 | −2.663561 |
| 1 | 484.4681 | 706.6127 | 8.85e−13 | −13.56621 | −12.57904* | −13.17558* |
| 2 | 506.7729 | 37.28562 | 9.71e−13 | −13.48576 | −11.67593 | −12.76961 |
| 3 | 530.9008 | 36.73209 | 1.03e−12 | −13.45973 | −10.82726 | −12.41805 |
| 4 | 555.6699 | 34.01129 | 1.10e−12 | −13.45283 | −9.997718 | −12.08564 |
| 5 | 621.5958 | 80.68543* | 3.61e−13* | −14.67450* | −10.39674 | −12.98178 |
| 6 | 639.6843 | 19.43844 | 5.24e−13 | −14.46819 | −9.367781 | −12.44995 |
| *indicates lag order selected by the criterion |
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| LR: sequential modified LR test statistic (each test at 5% level) |
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| FPE: Final prediction error |
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| AIC: Akaike information criterion |
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| SC: Schwarz information criterion |
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| HQ: Hannan-Quinn information criterion |
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