Role of Money in Smaller Pacific Island Countries

Table 3

Results of Johansen and Juselius multivariate procedure for output in four PICs.

	Maximum Eigenvalue		Trace
Ho∶rank=𝑝	Test statistic	95%	Test statistic	95%
Samoa
𝑝=0	27.318*	27.584	55.051**	47.856
𝑝≤1	17.461	21.132	27.733	29.797
𝑝≤2	9.063	14.265	10.272	15.495
𝑝≤3	1.208	3.841	1.208	3.841
Solomon Islands
𝑝=0	33.424**	32.118	68.564**	63.876
𝑝≤1	16.622	25.823	35.140	42.915
𝑝≤2	10.645	19.387	18.518	25.872
𝑝≤3	7.873	12.518	7.873	12.518
Tonga
𝑝=0	70.651**	27.584	118.147**	47.856
𝑝≤1	39.138**	21.132	47.496**	29.797
𝑝≤2	5.897	14.265	8.359	15.495
𝑝≤3	2.462	3.841	2.462	3.841
Vanuatu
𝑝=0	26.005*	27.584	56.889**	47.856
𝑝≤1	16.131	21.132	30.884**	29.797
𝑝≤2	13.652	14.265	14.752	15.495
𝑝≤3	1.100	3.841	1.100	3.841

Notes: * and **indicate significant at 5% and 1% levels, respectively.