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.