Hypothesized

Max-Eigen

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.^**

None^*

0.649200

31.42621

27.58434

0.0152

At most 1

0.478957

19.55768

21.13162

0.0818

At most 2

0.129168

4.149172

14.26460

0.8433

At most 3

0.085981

2.697117

3.841466

0.1005