Hypothesised No. of CE (s)

Eigenvalue

Trace Statistic

0.05 Critical Value

Prof.**

None*

0.798284

146.6210

95.75366

0.0000

At most 1*

0.575152

87.38786

69.81889

0.0011

At most 2

0.492004

55.71502

47.85613

0.0077

At most 3

0.446686

30.65558

29.79707

0.0397

At most 4

0.208997

8.757854

15.49471

0.3883

At most 5

0.002243

0.083094

3.841465

0.7731

Hypothesised No. of CE (s)

Eigenvalue

Max-Eigen Statistic

0.05 Critical Value

Prof.**

None*

0.742018

59.23312

40.07757

0.0001

At most 1*

0.609180

31.67284

33.87687

0.0896

At most 2

0.462470

25.05944

27.58434

0.1018

At most 3

0.424253

21.89773

21.13162

0.0390

At most 4

0.220276

8.674759

14.26460.

0.3142

At most 5

0.000267

0.0835094

3.841465

0.7731