Table 7 Results of Johansen-Juselius Cointegration Test (Trace Test)

Austria

19.6*/4.55*

21.2*/7.30*

13.9*/10.2*

10.3/3.35

13.9/0.90

16.6*/5.66*

Belgium

30.7/1.95

11.8/2.87

8.93/0.82

12.5/1.26

10.0/0.16

8.91/5.74

Czech Republic

9.99/0.07

12.8/0.48

11.6/2.52

12.7/0.57

9.61/4.34

9.75/0.67

Denmark

10.9/1.55

44.1*/7.46*

20.7*/3.18

10.3/1.61

17.1*/3.50

18.2*/0.83

Finland

13.6/0.11

22.9*/5.76*

18.8*/4.52*

7.29/0.15

17.1*/0.15

23.5*/14.6*

France

18.3*/3.43

23.1*/0.97

9.55/2.74

15.3*/0.20

12.4/1.51

13.5*/7.72*

Germany

24.3*/7.96*

16.2*/0.81

11.7/0.48

10.6/0.78

17.0*/0.37

15.1*/5.09*

Greece

9.43/0.01

12.0/1.17

–/–

–/–

3.99/0.01

7.17/2.46

Hungary

14.9*/3.60

21.9*/2.89

9.56/0.01

15.0*/0.43

8.24/5.46*

11.4/2.29

Ireland

5.92/0.14

10.4/0.18

11.7/0.31

12.4/0.11

9.39/0.78

4.89/2.56

Italy

–/–

–/–

12.97/0.16

12.3/0.01

15.5*/0.75

22.2*/8.71*

Netherlands

14.4*/3.55

20.5*/5.00*

17.4*/2.88

11.3/0.01

18.3*/5.07*

14.8*/1.07

Norway

17.9*/3.26

13.45/0.04

14.5*/3.96*

17.9*/5.26*

15.1*/3.40

11.7/0.41

Poland

12.2/0.04

8.28/0.58

12.8/0.01

14.0*/0.18

9.85/0.30

11.3/2.54

Portugal

15.3*/0.46

14.2/3.38

11.6/1.78

10.3/0.03

8.79/2.66

12.97*/4.45*

Romania

14.4/3.31

8.95/0.45

24.4*/0.01

29.9*/9.95*

12.2*/4.97*

4.99/0.06

Spain

14.9*/1.53

11.6/1.61

17.3*/3.79

13.5*/6.72*

20.5*/4.55*

15.2*/4.82*

Sweden

16.2*/0.44

12.4/0.03

6.25/2.37

9.67/1.19

12.0*/4.56*

16.3*/5.57*

United Kingdom

11.8/0.26

21.4*/3.83

15.76/4.77*

22.0*/7.82*

14.6/0.01

15.3*/4.87*

European panel

128.3*/77.83*

112.2*/58.63*

80.21*/79.17*

88.87*/76.37*

112.5*/68.73*

96.1*/64.6*