| Lags | Cointegration equations | Log likelihood | Akaike | Schwarz |
| 1 | 3 | 400.62 | −10.43 | −6.95 |
| 2 | 5 | 468.94 | −10.31 | −4.04 |
| 3 | 3 | 485.96 | −10.35 | −3.26 |