Modeling the Grain Import Trade: A Cointegration Analysis of China’s Panel Data

Table 4

Results of the Johansen cointegration test.

Variety	Original hypothesis (number of cointegration relationships)	Eigen value	Trace statistics	Max-Eigen statistics	Conclusion
Wheat	0	0.2307	37.8166 (0.04123)	25.8714 (0.0237)	1 cointegration relation
	≤1	0.08915	18.5474 (0.2798)	18.3078 (0.41286)
	≤2	0.0626	3.9103 (0.7765)	3.9103 (0.7765)
Corn	0	0.4182	35.8135 (0.0072)	25.8325 (0.02459)	1 cointegration relation
	≤1	0.1938	13.6192 (0.1875)	12.4193 (0.1628)
	≤2	0.0223	0.7081 (0.3980)	0.7081 (0.3980)
Rice	0	0.4180	33.0189 (0.0052)	18.4628 (0.0043)	2 cointegration relation
	≤1	0.2769	13.5837 (0.0634)	11.5175 (0.0391)
	≤2	0.0024	0.0613 (0.8921)	0.0613 (0.8921)
Soybean	0	0.3651	69.3486 (≤0.001)	53.8711 (≤0.001)	1 cointegration relation
	≤1	0.1435	22.5679 (0.2176)	12.8732 (0.4269)
	≤2	0.0670	7.3935 (0.3528)	7.3935 (0.3528)

Note. The symbols and indicate significance at the 1% and 5% levels, respectively; values in brackets after the statistical value are the values.