| Null hypothesis | Alternate hypothesis |
| 95% critical value | 90% critical value | |
|
|
| Trace value |
|
| |
| r = 0 | r > 0 | 40.57 | 47.86 | 44.50 | |
| Max test |
| Max value |
|
| |
| r = 0 | r = 1 | 22.70 | 27.58 | 25.12 | |