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