| Hypothesized |
| Trace | 0.05 |
|
| No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
| None* | 0.649200 | 57.83017 | 47.85613 | 0.0044 |
| At most 1 | 0.478957 | 26.40397 | 29.79707 | 0.1171 |
| At most 2 | 0.129168 | 6.846289 | 15.49471 | 0.5956 |
| At most 3 | 0.085981 | 2.697117 | 3.841466 | 0.1005 |