Unrestricted Cointegration Rank Test (Trace and Maximum Eigenvalue)

Hypothesized

Fisher Stat.*

Fisher Stat.*

No. of CE(s)

(from trace test)

Prob.

(from max-eigen test)

Prob.

None

387.0

0.0000

184.0

0.0000

At most 1

219.8

0.0000

146.4

0.0000

At most 2

163.5

0.0000

97.7

0.0000

At most 3

92.0

0.0000

52.3

0.0000

At most 4

58.8

0.0000

48.3

0.0000

At most 5

43.8

0.0000

43.8

0.0000