None 2.773 0.5966 2.773 0.5966
At most 1 36.84 0.0000 36.84 0.0000
At most 2 16.62 0.0023 12.91 0.0117
At most 3 11.51 0.0214 11.51 0.0214
* Probabilities are computed using asymptotic Chi-square distribution.
Individual cross section results
Trace Test Max-Eign Test
Cross Section Statistics Prob.** Statistics Prob.**
Hypothesis of no cointegration
_BEIJING NA 0.5000 NA 0.5000
_SHANGHAI NA 0.5000 NA 0.5000
Hypothesis of at most 1 cointegration relationship
_BEIJING 253.3978 0.0001 232.9193 0.0001
_SHANGHAI 263.6984 0.0001 246.7641 0.0001
Hypothesis of at most 2 cointegration relationship
_BEIJING 20.4785 0.0081 13.8362 0.0583
_SHANGHAI 16.9343 0.0302 15.9362 0.0270
Hypothesis of at most 3 cointegration relationship
_BEIJING 6.6423 0.0100 6.6423 0.0100
_SHANGHAI 0.9981 0.3178 0.9981 0.3178