Unrestricted Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.993

143.290

69.819

0.0000

At most 1 *

0.664

54.827

47.856

0.0008

At most 2 *

0.578

35.197

29.797

0.0098

At most 3 *

0.522

19.659

15.494

0.0339

At most 4 *

0.298

6.358

3.842

0.0461