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