| Null hypothesis | Alternate hypothesis |
| 95% critical value | 90% critical value | |
|
|
| Trace value |
|
| |
| r = 0 | r > 0 | 35.38* | 29.80 | 27.06 | |
| r ≤ 1 | r >1 | 13.14 | 15.49 | 13.42 | |
| Max test |
| Max value |
|
| |
| r = 0 | r = 1 | 22.24* | 21.13 | 18.90 | |
| r = 1 | r = 2 | 10.91 | 14.26 | 12.30 | |