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