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my friend said that if you get the same number of cointegrating equation with the number of variables means that the conclusion that there is no cointegration. is it true?

as an example: if the trace statistics of Johansen’s Cointegration Test indicate there are two cointegrating equations with two variables means that the conclusion is there is no cointegration between that two variables.

so much thank u for ur help

Yes, this is true. When you get the same number of cointegrating equations as there are variables, it implies that none of the variables contain stochastic trends, which may simply be taken as saying that al the variables are actually stationary and where all the varianles are stationary, you cannot talk about them being cointegrated

hello,

hello,

is there any references for such conclusion? thank you ... I find two cointegration relationship with two variables in my results, n i have google the evidences for a long time, but have not find the references LOL