[Retracted] How Does Fiscal Policy Affect Bank Credit? Evidence from China

Table 3

Johansen co-integration test results.

Null hypothesis	Trace statistics	5% threshold	value	Maximum eigen value statistics	5% threshold	value
None	226.3407	95.75366	≤0.001	87.24112	40.07757	≤0.001
At most 1	139.0996	69.81889	≤0.001	59.84289	33.87687	≤0.001
At most 2	79.25670	47.85613	≤0.001	47.65550	27.58434	≤0.001
At most 3	31.60120	29.79707	0.0307	21.19474	21.13162	0.0490
At most 4	10.40646	15.49471	0.2508	9.049408	14.26460	0.2820
At most 5	1.357054	3.841466	0.2440	1.357054	3.841466	0.2440

Note: denotes rejection of the null hypothesis at a significance level of 5%.