Hypothesized No. of CE (s)	Trace Statistic	Max-Eigen Statistic	Critical Value (5%)
Hypothesized No. of CE (s)	Trace Statistic	Max-Eigen Statistic	Trace	Max-Eigen
r = 0	210.0199*	90.65172*	95.75366	40.07757
r ≤ 1	119.3682*	47.97187*	69.81889	33.87687
r ≤ 2	71.39631*	37.50389*	47.85613	27.58434
r ≤ 3	33.89242*	20.89355	29.79707	21.13162
r ≤ 4	12.99887	8.370233	15.49471	14.26460
r ≤ 5	4.628640*	4.628640*	3.841466	3.841466