Hypothesized No. of CE (s) | Unrestricted Cointegration Rank Test (Trace) | Unrestricted Cointegration Rank Test (Maximum Eigenvalue) | ||||||
Eigenvalue | Trace Statistic | 5% Critical Value | Prob.** | Eigenvalue | Max-Eigen Statistic | 5% Critical Value | Prob.** | |
None* | 0.334637 | 200.7796 | 197.3709 | 0.0335 | 0.334637 | 62.3356 | 58.43354 | 0.0197 |
At most 1 | 0.215016 | 138.444 | 159.5297 | 0.3862 | 0.215016 | 37.0401 | 52.36261 | 0.6796 |
At most 2 | 0.18297 | 101.4039 | 125.6154 | 0.5573 | 0.18297 | 30.91821 | 46.23142 | 0.7261 |
At most 3 | 0.14061 | 70.48571 | 95.75366 | 0.7063 | 0.14061 | 23.18443 | 40.07757 | 0.8677 |
At most 4 | 0.099954 | 47.30127 | 69.81889 | 0.7494 | 0.099954 | 16.1123 | 33.87687 | 0.9511 |
At most 5 | 0.097325 | 31.18897 | 47.85613 | 0.6563 | 0.097325 | 15.66612 | 27.58434 | 0.6939 |
At most 6 | 0.063415 | 15.52285 | 29.79707 | 0.7453 | 0.063415 | 10.02374 | 21.13162 | 0.7425 |
At most 7 | 0.032864 | 5.499114 | 15.49471 | 0.7537 | 0.032864 | 5.112715 | 14.2646 | 0.7275 |
At most 8 | 0.002522 | 0.386399 | 3.841466 | 0.5342 | 0.002522 | 0.386399 | 3.841466 | 0.5342 |