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

276.3

0.0000

187.1

0.0000

At most 1

150.6

0.0000

104.0

0.0000

At most 2

80.9

0.0000

61.1

0.0000

At most 3

62.9

0.0000

46.3

0.0000

At most 4

51.2

0.0000

51.2

0.0000