Real Exchange Rate Misalignment: Prelude to Crisis?

Table 3: Poland: Johansen Cointegration test; with linear deterministic trend and lag interval (in
first differences) 1 to 2

Unrestricted Cointegration Rank Tests

Hypothesized No. of CE’s	Eigen-value	Trace Statistic	5 Percent Critical Value	1 percent Critical Value
None	0.437694	97.77270	87.31	96.58
At most 1	0.250301	51.14031	62.99	70.05
At most 2	0.224773	27.80552	42.44	48.45
At most 3	0.060982	7.18299	25.32	30.45
At most 4	0.025429	2.08642	12.25	16.26

Hypothesized No. of CE’s	Eigen-value	Max-Eigen Statistic	5 Percent Critical Value	1 percent Critical Value
None	0.437694	46.63240	37.52	42.36
At most 1	0.250301	23.33479	31.46	36.65
At most 2	0.224773	20.62253	25.54	30.34
At most 3	0.060982	5.09656	18.96	23.65
At most 4	0.025429	2.08642	12.25	16.26

22

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