Research Article
Relationships among Energy Price Shocks, Stock Market, and the Macroeconomy: Evidence from China
Table 3
The series cointegration test result.
| | The original hypothesis | Eigenvalue | Trace statistic ( value) | -max statistic ( value) |
| | No cointegration vector | 0.606545 | 96.20150 (0.0000)* | 73.69024 (0.0000)* | | More than one cointegration vector | 0.154912 | 22.51127 (0.2709) | 13.29684 (0.4253) | | More than two cointegration vector | 0.089195 | 9.214422 (0.3459) | 7.380688 (0.4451) | | More than three cointegration vector | 0.022945 | 1.833735 (0.1757) | 1.833735 (0.1757) |
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Note: * above means that the original hypothesis is significantly rejected.
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