Null Hypothesis

Trace Statistics

5% Critical Value

1% Critical Value

Maximum Eigen Value Statistics

5% Critical Value

1% Critical Value

r = 0

38.658

47.21

54.46

22.010

27.07

32.24

r < 1

16.648

29.68

35.65

10.293

20.97

25.52

r < 2

6.355

15.41

20.04

6.297

14.07

18.63

r < 3

0.058

3.76

6.65

0.058

3.76

6.65

(Author’s Calculation)