Unrestricted Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.987459

231.5771

95.75366

0.0000

At most 1 *

0.952807

139.6227

69.81889

0.0000

At most 2 *

0.897503

75.49908

47.85613

0.0000

At most 3

0.580856

27.66276

29.79707

0.0864

At most 4

0.319934

9.402416

15.49471

0.3295

At most 5

0.060275

1.305539

3.841465

0.2532

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized

Max-Eigen

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.987459

91.95443

40.07757

0.0000

At most 1 *

0.952807

64.12358

33.87687

0.0000

At most 2 *

0.897503

47.83632

27.58434

0.0000

At most 3

0.580856

18.26035

21.13162

0.1204

At most 4

0.319934

8.096877

14.26460

0.3690

At most 5

0.060275

1.305539

3.841465

0.2532