Specification: linear deterministic trend

Region

Hypothesized

No. of CE(s)

Fisher Stat.*

(from trace test)

Prob.

Fisher Stat.*

(from max-eigen test)

Prob.

Asia

None

34.3

0.0116

30.51

0.0328

At most 1

16.34

0.5691

16.34

0.5691

Latam

None

20.19

0.1244

18.28

0.1945

At most 1

10.91

0.6927

10.91

0.6927

All

None

48.59

0.0303

44.52

0.0697

At most 1

25.35

0.7914

25.35

0.7914

Specification without linear deterministic trend

Region

Hypothesized

No. of CE(s)

Fisher Stat.*

(from trace test)

Prob.

Fisher Stat.*

(from max-eigen test)

Prob.

Asia

None

50.67

0.0001

45.66

0.0003

At most 1

27.45

0.0709

27.45

0.0709

Latam

None

26.27

0.0239

24.78

0.0368

At most 1

17.25

0.2431

17.25

0.2431

All

None

65.73

0.0004

63.33

0.0008

At most 1

38.13

0.2105

38.13

0.2105