Market pairs | Sample period | Lag length | Hypothesis | λtrace | λmax |
---|---|---|---|---|---|
Nairobi-Addis Ababa | 2006 M01–2017 M01 | 1 | r = 0 | 12.26 (12.32) | 12.25** (11.22) |
r ≤ 1 | 0.01 (4.13) | 0.01 (4.13) | |||
Mombasa-Addis Ababa | 2006 M01–2017 M01 | 1 | r = 0 | 10.37 (12.32) | 10.31 (11.22) |
r ≤ 1 | 0.065 (4.13) | 0.065 (4.13) | |||
Juba-Addis Ababa | 2011 M08–2017 M01 | 1 | r = 0 | 15.71** (12.32) | 15.66*** (11.22) |
r ≤ 1 | 0.052 (4.13) | 0.052 (4.129) | |||
Juba-Addis Ababa with shift dummy | 2011 M08–2017 M01 | 2 | r = 0 | 22.15*** (12.32) | 22.03*** (11.22) |
r ≤ 1 | 1.53 (4.13) | 1.53 (4.13) |