Hypothesized

Trace 0.05

Max-Eigen 0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

Statistic

Critical Value

Prob.**

None*

0.909336

169.2950

125.6154

0.0000

69.61734

46.23142

0.0000

At most 1*

0.697329

99.67771

95.75366

0.0261

34.65815

40.07757

0.1798

At most 2

0.680058

65.01956

69.81889

0.1138

33.04884

33.87687

0.0625

At most 3

0.381495

31.97072

47.85613

0.6138

13.93305

27.58434

0.8272

At most 4

0.317106

18.03767

29.79707

0.5633

11.06107

21.13162

0.6412

At most 5

0.196808

6.976598

15.49471

0.5804

6.355691

14.26460

0.5680

At most 6

0.021183

0.620907

3.841466

0.4307

3.841466

3.84166

0.4307