Hypothesized | Statistic | Trace | 0.05 | |

NO. of CE (s) | Eigenvalue | Critical Value | Prob** | |

None* | (c, t, 1) | −1.910562 | −3.460516 | unstable |

At most 1 | (c, t, 1) | −1.545540 | −3.460516 | unstable |

At most 2 | (c, t, 2) | −2.854330 | −3.461094 | unstable |

At most 3 | (c, t, 1) | −9.784205 | −3.461094 | stable |

NO. of CE (s) | (c, t, 0) | −16.48982 | −3.460516 | stable |