Unrestricted Cointegration Rank Test (Trace)

Hypothesized

No. of CE(s)

Eigenvalue

Trace

Statistics

0.05

Critical Value

Prob.**

None*

0.952943

188.0257

95.75366

0.0000

At most 1*

0.765178

99.39041

69.81889

0.0000

At most 2*

0.659923

57.37149

47.85613

0.0050

At most 3

0.400737

26.09262

29.79707

0.1260

At most 4

0.300231

11.24304

15.49471

0.1970

At most 5

0.030220

0.889881

3.841466

0.3455