Defence expenditure and economic growth in Latin American countries: evidence from linear and nonlinear causality tests

Latin American Economic Review

Table 5 Results of Johansen’s cointegration tests

	Trace statistic (λ _trace)			Maximum eigenvalue statistics (λ _max)
	r = 0	r ≤ 1	r ≤ 2	r = 0	r ≤ 1	r ≤ 2
Argentina	47.93***	18.42**	5.17*	32.51***	15.25**	4.95*
Bolivia	48.61***	27.30***	11.11**	21.31**	16.19**	8.31*
Brazil	36.08**	18.19**	5.30*	22.90**	14.89**	4.10*
Chile	33.55**	17.71**	6.60*	21.83**	14.91**	5.02*
Colombia	36.06**	22.28**	4.83*	23.78**	18.45**	3.15*
Dominican Republic	49.15***	19.46**	4.13*	29.69***	15.33**	4.00*
Ecuador	41.79***	17.84**	5.41*	23.95**	14.43**	3.95*
El Salvador	34.64**	19.69**	5.66*	24.94**	17.09**	4.91*
Guatemala	72.53***	18.44**	5.98*	56.09***	15.46**	4.51*
Mexico	38.76***	20.78**	6.77**	22.98**	15.01**	5.20*
Paraguay	19.02***	9.02**	3.40*	18.01**	9.02**	2.10
Peru	34.19**	18.81**	3.78*	23.38**	15.02**	2.01
Venezuela	31.86**	18.63**	5.04*	22.23**	14.59**	4.15*

***, **, and * Significant at the 1, 5, and 10 levels, respectively, and r is cointegration rank