Unrestricted Cointegration Rank Test (Trace)

Hypothesized No. of CE(s)

Eigenvalue

Trace Statistic

0.05 Critical Value

Prob.**

None*

0.89535

84.11502

69.81889

0.00240

At most 1

0.80973

45.74376

47.85613

0.07790

At most 2

0.48898

17.53531

29.79707

0.60050

At most 3

0.29364

6.12254

15.49471

0.68100

At most 4

0.01245

0.21293

3.84147

0.64450

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized No. of CE(s)

Eigenvalue

Max-Eigen Statistic

0.05 Critical Value

Prob.**

None*

0.89535

38.37125

33.87687

0.01360

At most 1*

0.80973

28.20845

27.58434

0.04160

At most 2

0.48898

11.41278

21.13162

0.60610

At most 3

0.29364

5.90961

14.26460

0.62480

At most 4

0.01245

0.21293

3.84147

0.64450