Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized No. of CE(s)

Eigenvalue

Max-Eigen

Statistic

0.05

Critical Value

Prob.**

None*

0.952943

88.63527

40.07757

0.0000

At most 1*

0.765178

42.01891

33.87687

0.0043

At most 2*

0.659923

31.27887

27.58434

0.0160

At most 3

0.400737

14.84958

21.13162

0.2996

At most 4

0.300231

10.35316

14.26460

0.1898

At most 5

0.030220

0.889881

3.841466

0.3455