Table 3: Results of Johansen and Juselius multivariate procedure for output in four PICs.

Maximum Eigenvalue Trace Test statistic 95% Test statistic 95% Samoa   27.318* 27.584 55.051** 47.856   17.461 21.132 27.733 29.797   9.063 14.265 10.272 15.495   1.208 3.841 1.208 3.841 Solomon Islands   33.424** 32.118 68.564** 63.876   16.622 25.823 35.140 42.915   10.645 19.387 18.518 25.872   7.873 12.518 7.873 12.518 Tonga   70.651** 27.584 118.147** 47.856   39.138** 21.132 47.496** 29.797   5.897 14.265 8.359 15.495   2.462 3.841 2.462 3.841 Vanuatu   26.005* 27.584 56.889** 47.856   16.131 21.132 30.884** 29.797   13.652 14.265 14.752 15.495   1.100 3.841 1.100 3.841

Notes: * and **indicate significant at 5% and 1% levels, respectively.