Table 5: Unit root test for residuals.

ModelVariablesLevelOrder of integration

1Error term 1−10.145*I
2Error term 2−10.073*I
3Error term 3−9.926*I
4Error term 4−10.734*I
5Error term 5−10.324*I
6Error term 6−10.776*I

*,**, ** are significant at one percent, five percent, and ten percent level.