Assumptions

Value

Trace statistic

5% Critical value

Max statistic

5% Critical value

(1)

None

0

43.0575

34.55

27.6646

23.78

At most 1

0.91913

15.3930*

18.17

14.4355

16.87

At most 2

0.73081

0.9574

3.74

0.9574

3.74

(2)

None

0

42.6351

34.55

27.3430

23.78

At most 1

0.91673

15.2921*

18.17

14.1869

16.87

At most 2

0.72465

1.1052

3.74

1.1052

3.74