Unrestricted Cointegration Rank Test (Trace and Maximum Eigenvalue)

Hypothesized

Fisher Stat.*

Fisher Stat.*

No. of CE(s)

(from trace test)

Prob.

(from max-eigen test)

Prob.

None

343.3

0.0000

216.3

0.0000

At most 1

197.5

0.0000

127.7

0.0000

At most 2

110.1

0.0000

82.24

0.0000

At most 3

54.33

0.0000

43.17

0.0015

At most 4

44.67

0.0001

44.67

0.0001