| Rank | Eigen value | Trace | Max | ||
| Statistics | 5% critical value | Statistics | 5% critical value | ||
| r = 0 | ------ | 36.3710 | 18.17 | 26.5210 | 16.87 |
| r ≤ 1 | 0.19978 | 9.8500 | 3.74 | 9.8500 | 3.74 |
| r ≤ 2 | 0.07944 | ----------- | --------- | -------- | -------- |
| Number of obs = 119 Lags = 1 | |||||