| Null hypothesis | Alternate hypothesis |
| 95% critical value | 90% critical value |
| Trace test |
| Trace value |
|
|
| r = 0 | r > 0 | 24.25 | 47.85 | 44.50 |
| Max test |
| Max value |
|
|
| r = 0 | r = 1 | 12.67 | 27.58 | 25.12 |