Table 6 Results of Johansen-Juselius Cointegration Test (Max Test)

Austria

14.5*/4.55*

15.9/* 7.73*

24.1*/10.2*

13.7/3.35

14.8/0.85

18.3*/5.67*

Belgium

28.8*/1.95

8.97/2.87

9.75/0.81

13.8/1.26

10.2/0.16

14.7*/5.74*

Czech Republic

9.93/0.07

12.3/0.48

14.1/2.52

13.3/0.57

13.9/4.34

10.4/0.67

Denmark

9.43/1.55

36.6*/7.46*

23.9*/3.18

1.9/1.61

20.7*/3.51

16.1*/0.83

Finland

13.5/0.11

17.1*/5.76*

18.4*/4.52*

7.43/0.15

17.*/0.15

38.2*/14.6*

France

18.8*/3.53

22.0*/0.97

12.3/2.74

15.5*/0.20

13.9/1.51

22.2*/7.72*

Germany

16.4*/7.96*

15.4*/0.81

12.2/0.48

11.4/0.78

17.4*/0.37

20.2*/5.09*

Greece

9.43/0.01

10.9/1.17

–/–

–/–

3.99/0.01

9.63/2.46

Hungary

11.4/3.60

18.96*/2.89

9.52/0.01

15.0*/0.43

13.7/5.46*

13.7/2.29

Ireland

5.78/0.14

10.2/0.18

12.0/0.31

12.5/0.11

10.2/0.78

7.45/2.56

Italy

–/–

–/–

13.1/0.19

12.3/0.01

16.2*/0.74

30.9*/8.71*

Netherlands

8.80/3.55

20.5*/5.00*

20.3*/2.88

11.3/0.01

18.4*/5.07*

15.0*/1.07

Norway

14.7*/3.25

13.4/0.04

18.3*/3.96*

20.2*/5.26*

18.5*/3.40

11.7/0.41

Poland

12.2/0.04

8.28/0.58

12.8/0.01

14.2*/0.18

10.2/0.30

13.9/2.54

Portugal

14.8*/0.46

8.83/3.38

13.4/1.78

10.3/0.03

11.5/2.66

17.4*/4.45*

Romania

10.10/4.31

8.50/0.45

24.4*/0.01

39.9*/9.95*

17.2*/4.97*

8.05/0.06

Spain

13.3/1.53

10.05/1.61

17.0*/3.79

20.2*/6.72*

15.0*/4.55*

20.3*/4.82*

Sweden

15.7*/0.44

12.3/0.03

8.61/2.36

10.9/1.19

16.6*/4.56*

21.8*/5.57*

United Kingdom

11.57/0.26

17.6*/3.83

20.5*/4.77*

19.9*/7.82*

14.2*/0.01

20.2*/4.87*

European panel

107.9*/77.8*

104.5*/58.6*

99.56*/79.17*

108.9*/76.37*

128.5*/68.73*

96.1*/64.6*