Assumptions | Value | Trace statistic | 5% Critical value | Max statistic | 5% Critical value | |
(1) | None | 0 | 43.0575 | 34.55 | 27.6646 | 23.78 |
At most 1 | 0.91913 | 15.3930* | 18.17 | 14.4355 | 16.87 | |
At most 2 | 0.73081 | 0.9574 | 3.74 | 0.9574 | 3.74 | |
(2) | None | 0 | 42.6351 | 34.55 | 27.3430 | 23.78 |
At most 1 | 0.91673 | 15.2921* | 18.17 | 14.1869 | 16.87 | |
At most 2 | 0.72465 | 1.1052 | 3.74 | 1.1052 | 3.74 |