Hypothesized no of CE(s)

Eigenvalue

Trace Statistic

Critical Value (5%)

Prob.**

None*

0.325617

64.21504

52.36261

0.0021

At most 1

0.208028

38.01639

46.23142

0.287

At most 2

0.186779

33.70055

40.07757

0.2189

At most 3

0.141716

24.90978

33.87687

0.3911

At most 4

0.092595

15.83817

27.58434

0.6795

At most 5

0.07364

12.46829

21.13162

0.5022

At most 6

0.040772

6.785164

14.2646

0.5149

At most 7

0.003572

0.583252

3.841466

0.445