VECM Model Analysis of Carbon Emissions, GDP, and International Crude Oil Prices

Table 5

Results of cointegration test.

(a)

Unrestricted Cointegration Rank Test (Trace)
Hypothesized		Trace	0.05
No. of CE(s)	Eigenvalue	Statistic	Critical Value	Prob.
None	0.4252	115.4481	29.7971	0
At most 1	0.2631	50.0979	15.4947	0
At most 2	0.1124	14.0742	3.8415	0.0002

Trace test indicates 3 cointegrating eqn(s) at the 0.05 level.
denotes rejection of the hypothesis at the 0.05 level.
MacKinnon-Haug-Michelis (1999) p-values.

(b)

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)
Hypothesized		Max-Eigen	0.05
No. of CE(s)	Eigenvalue	Statistic	Critical Value	Prob.
None	0.4252	65.3502	21.1316	0
At most 1	0.2631	36.0237	14.2646	0
At most 2	0.1124	14.0742	3.8415	0.0002

Max-eigenvalue test indicates 3 cointegrating eqn(s) at the 0.05 level.
denotes rejection of the hypothesis at the 0.05 level.
MacKinnon-Haug-Michelis (1999) p-values.