Variable | lag included | Test statistics | p-value | Conclusion |

y, d | 4 | −1.972 | 0.047 | Variables are cointegrated at the 5% significance level |

y, nd | 5 | −1.594 | 0.104 | Variables are NOT cointegrated at the 10% significance level |

y, f | 4 | −2.137 | 0.032 | Variables are cointegrated at the 5% significance level |

y, s | 4 | −5.430 | 0.000 | Variables are cointegrated at the 1% significance level |

y, o | 4 | −3.275 | 0.001 | Variables are cointegrated at the 1% significance level |