Series | Hypothesized No. of CE(s) | Eigenvalue | Trace Statistic | 5% Critical Value | 1% Critical Value |
1 | ρ = 0* | 0.5674 | 51.9453 | 47.21 | 54.46 |
ρ ≤ 1* | 0.5118 | 30.1588 | 29.68 | 36.65 | |
ρ ≤ 2* | 0.3498 | 11.5158 | 15.41 | 20.04 | |
ρ ≤ 3 | 0.0124 | 0.3234 | 3.76 | 6.65 | |
2 | ρ = 0* | 0.9668 | 138.7460 | 68.52 | 76.07 |
ρ ≤ 1* | 0.5799 | 50.2049 | 47.21 | 54.46 | |
ρ ≤ 2* | 0.5024 | 27.6548 | 29.68 | 35.65 | |
ρ ≤ 3 | 0.2856 | 9.5075 | 15.40 | 20.04 | |
ρ ≤ 4 | 0.0289 | 0.7617 | 3.76 | 6.65 | |
3 | - | - | - | - | - |
4 | ρ = 0** | 0.7662 | 78.0167 | 47.21 | 54.46 |
ρ ≤ 1** | 0.5478 | 40.2273 | 29.68 | 35.65 | |
ρ ≤ 2* | 0.5223 | 19.5911 | 15.41 | 20.04 | |
ρ ≤ 3 | 0.0146 | 0.3821 | 3.76 | 6.65 |