Unrestricted Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.900723

123.8098

95.75366

0.0002

At most 1 *

0.792965

75.30315

69.81889

0.0171

At most 2

0.692642

42.23088

47.85613

0.1524

At most 3

0.363689

17.45631

29.79707

0.6063

At most 4

0.291320

7.962874

15.49471

0.4694

At most 5

0.034233

0.731495

3.841465

0.3924

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized

Max-Eigen

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.900723

48.50669

40.07757

0.0045

At most 1

0.792965

33.07226

33.87687

0.0621

At most 2

0.692642

24.77457

27.58434

0.1099

At most 3

0.363689

9.493436

21.13162

0.7907

At most 4

0.291320

7.231379

14.26460

0.4621

At most 5

0.034233

0.731495

3.841465

0.3924