| Hypothesized | Eigenvalue | Trace Statistic | 0.05 | Max-Eigen | 0.05 |
| No. of CE(s) |
|
| Critical Value | Statistic | Critical Value |
| r = 0 | 0.430 | 32.952** (0.021) | 29.797 | 19.130 (0.093) | 21.131 |
| r ≤ 1 | 0.264 | 13.821 (0.088) | 15.494 | 10.422 (0.185) | 14.264 |
| r ≤ 2 | 0.095 | 3.399 (0.065) | 3.841 | 3.399 (0.065) | 3.841 |