Null

Hypothesis

Trace

Statistic

0.05

Critical Value

Max-Eigen

Statistic

0.05

Critical Value

Ho: r = 0

185.987***

159.530

78.023***

52.363

Ho: r ≤ 1

107.964

125.615

41.367

46.231

Ho: r ≤ 2

66.597

95.754

28.303

40.078

Ho: r ≤ 3

38.294

69.819

18.084

33.877

Ho: r ≤ 4

20.210

47.856

11.895

27.584

Ho: r ≤ 5

8.315

29.797

4.821

21.132

Ho: r ≤ 6

3.494

15.495

3.484

14.265

Ho: r ≤ 7

0.010

3.841

0.010

3.841