Hypothesized no of CE(s)

Eigenvalue

Trace Statistic

Critical Value (5%)

Prob.**

None*

0.325617

196.5166

159.5297

0.0001

At most 1*

0.208028

132.3016

125.6154

0.0183

At most 2

0.186779

94.28521

95.75366

0.0629

At most 3

0.141716

60.58466

69.81889

0.2178

At most 4

0.092595

35.67488

47.85613

0.4129

At most 5

0.07364

19.83671

29.79707

0.434

At most 6

0.040772

7.368416

15.49471

0.5352

At most 7

0.003572

0.583252

3.841466

0.445