Research Article
Public Debt and External Reserve: The Nigerian Experience (1981–2013)
Table 4
Summary of cointegration results.
| | Max rank | Eigenvalue | Trace statistics | Prob. | 5% critical values | Max-Eigen statistic | Prob. | 5% critical values |
| | None | 0.4871 | 48.30750 | 0.045 | 47.85613 | 28.69996 | 0.0448 | 27.58434 | | At most 1 | 0.3974 | 27.60754 | 0.0876 | 29.79707 | 15.70159 | 0.2428 | 21.13162 | | At most 2 | 0.2580 | 11.90595 | 0.1615 | 15.49471 | 9.254710 | 0.2656 | 14.26460 | | At most 3 | 0.0819 | 2.651243 | 0.1035 | 3.841466 | 2.651243 | 0.1035 | 3.841466 |
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Note that “” indicates the cointegrating equation; source: author’s computation from E-views 9.0.
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