| Dependent Variable | F-statistic | Decision |
| LRM2 | 7.041989 | Cointegration |
| Level of Significance | Critical Value Bounds | |
| Lower Bound 1(0) | Upper Bound I(1) | |
| 1% | 3.07 | 4.23 |
| 5% | 2.5 | 3.5 |
| 10% | 2.22 | 3.17 |