Unrestricted Cointegration Rank Test (Trace)

Hypothesized

Eigenvalue

Trace

0.05

Prob.**

No. of CE(s)

Statistic

Critical Value

None*

0.939025

175.0298

69.81889

0.0000

At most 1*

0.730056

85.51672

47.85613

0.0000

At most 2*

0.545953

43.61140

29.79707

0.0007

At most 3*

0.337562

18.34565

15.49471

0.0181

At most 4*

0.149111

5.167145

3.841466

0.0230