Unrestricted Cointegration Rank Test (Trace)

Hypothesized No. of CE(s)

Trace Statistics

0.05 Critical Value (Trace)

None*

82.28517

69.81889

At most 1*

48.28682

47.85613

At most 2

27.38374

29.79707

At most 3

12.17404

15.49471

At most 4

0.514483

3.841466

Unrestricted Cointegration Rank Test (Maximum-Eigenvalue)

Hypothesized No. of CE(s)

Maximum-Eigenvalue

0.05 Critical Value (Max)

None*

33.87587

33.87587

At most 1

20.90308

27.58434

At most 2

15.20908

21.13162

At most 3

11.65956

14.26460

At most 4

0.514483

3.841466