None *

21.796

0.004

15.654

0.030

Trace test indicates 2 cointegrating eqn(s) at the 0.05 level

At most 1 *

6.142

0.013

6.142

0.013

Max-eigenvalue test indicates 2 cointegrating eqn(s) at the 0.05 level

US

None *

16.205

0.039

12.66

0.088

Trace test indicates 1 cointegrating eqn(s) at the 0.05 level

At most 1

3.543

0.059

3.543

0.059

Max-eigenvalue test indicates no cointegration at the 0.05 level