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 |