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