Hypothesized

No. of CE(s)

Eigenvalue

Trace

Max-Eigen

Statistic

0.05 Critical Value

Prob.**

Statistic

0.05 Critical Value

Prob.**

None*

0.8877

161.44

69.81

0.000

72.16

33.87687

0.0000

At most 1*

0.7745

89.28

47.85

0.000

49.15

27.58434

0.0000

At most 2*

0.5237

40.12

29.79

0.002

24.47

21.13162

0.0162

At most 3*

0.2827

15.64

15.49

0.047

10.96

14.26460

0.1558

At most 4*

0.1321

4.67

3.84

0.030

4.67

3.841466

0.0306