Unrestricted Cointegration Rank Test (Trace)

Hypothesized

Eigenvalue

Trace

0.05

Prob.**

No. of CE(s)

Statistic

Critical Value

None*

0.977601

186.0584

55.24578

0.0000

At most 1*

0.854706

72.09690

35.01090

0.0000

At most 2

0.334412

14.22708

18.39771

0.1740

At most 3

0.064946

2.014533

3.841466

0.1558