Coal Price Forecasting and Structural Analysis in China

Table 2

Cointegration test results.

Hypothesized number of CEs	Eigenvalue	Max-Eigen Statistic	0.05 critical value
	0.911210	65.38005	40.07757	0.0000
At most 1	0.691053	31.71381	33.87687	0.0866
At most 2	0.634690	27.18921	27.58434	0.0561
At most 3	0.521771	19.91695	21.13162	0.0732
At most 4	0.309082	9.982817	14.26460	0.2131
At most 5	0.075307	2.113935	3.841466	0.1460

Notes: The means Mackinnon-Haug-Michelis values and denotes that the null hypothesis of a unit root is rejected at the 5% significant level.