Analysis of the Impact of U.S. Trade Policy Uncertainty on China Based on Bayesian VAR Model

Table 4

Johansen co-integration test results.

Null hypothesis	Trace statistics	5% threshold	value	Maximum eigenvalue statistics	5% threshold	value
None	79.71914	60.06141	0.0005	30.60265	30.43961	0.0477
At most 1	49.11649	40.17493	0.0050	21.31538	24.15921	0.1159
At most 2	27.80111	24.27596	0.0172	16.37023	17.79730	0.0808
At most 3	11.43087	12.32090	0.0702	7.248071	11.22480	0.2287
At most 4	4.082802	4.129906	0.0785	5.182802	4.129906	0.1485

Note: rejection of the null hypothesis at a significance level of 5%.