HI,

 

And in following sample...What would you say? Are there zero cointegration vectors or one??? So , the tests accept the both hypothesis. I think it's a bit confused...

 

Johansen's tests

Caso 3: constante no restringida
Rank Eigenvalue Trace  p-value         Lmáx   p-value
   0    0,33879      9,1310 [0,3600]      8,6874 [0,3204]
   1    0,020900    0,44356 [0,5054]    0,44356 [0,5054]

 

We will can accept that there are zero cointegration vectors if and only if we suposse a secuencial interpretation, don't we??? First look at the rank zero and, if this is not refused, then look at the rank 1 and...until rank 'k'

Cheers

Javi