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) |