| Unrestricted Cointegration Rank Test (Trace) | ||||
| Hypothesized |
| Trace | 0.05 |
|
| No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
| None* | 0.735329 | 40.60144 | 29.79707 | 0.0020 |
| At most 1* | 0.585743 | 18.00389 | 15.49471 | 0.0205 |
| At most 2 | 0.162876 | 3.022315 | 3.841466 | 0.0821 |
| Unrestricted Cointegration Rank Test (Maximum Eigenvalue) | ||||
| Hypothesized |
| Trace | 0.05 |
|
| No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
| None* | 0.735329 | 22.59756 | 21.13162 | 0.0309 |
| At most 1* | 0.585743 | 14.98157 | 14.26460 | 0.0384 |
| At most 2 | 0.162876 | 3.022315 | 3.841466 | 0.0821 |