Role of Money in Smaller Pacific Island Countries

Table 4

Results of Johansen and Juselius multivariate procedure for price in four PICs.

	Maximum eigenvalue		Trace
Ho∶rank=𝑝	Test statistic	95%	Test statistic	95%
Samoa
𝑝=0	24.844*	27.584	48.173**	47.856
𝑝≤1	13.141	21.132	23.329	29.797
𝑝≤2	8.406	14.265	10.188	15.495
𝑝≤3	1.781	3.841	1.781	3.841
Solomon Islands
𝑝=0	31.814*	32.118	67.092**	63.876
𝑝≤1	18.547	25.823	35.278	42.915
𝑝≤2	12.676	19.387	16.731	25.872
𝑝≤3	4.055	12.518	4.055	12.518
Tonga
𝑝=0	36.991**	27.584	65.930**	47.856
𝑝≤1	17.276	21.132	28.939	29.797
𝑝≤2	10.655	14.265	11.663	15.495
𝑝≤3	1.008	3.841	1.008	3.841
Vanuatu
𝑝=0	30.288**	27.584	51.011**	47.856
𝑝≤1	14.739	21.132	20.723	29.797
𝑝≤2	5.592	14.265	5.984	15.495
𝑝≤3	0.392	3.841	0.392	3.841

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