Pre-Crisis Group

Hypothesized No. of CE(s)

Eigenvalue

Max-Eigen Statistic

5% Critical Value

Prob.**

None*

0.3200

67.1729

47.8561

0.0003

At most 1*

0.2006

30.5336

29.7971

0.0411

At most 2

0.0603

9.2693

15.4947

0.3411

At most 3

0.0348

3.3637

3.8415

0.0666

Post-Crisis Group

Hypothesized No. of CE(s)

Eigenvalue

Max-Eigen Statistic

5% Critical Value

Prob.**

None*

0.6754

41.6363

27.5843

0.0004

At most 1*

0.3716

17.1922

21.1316

0.1631

At most 2

0.2853

12.4284

14.2646

0.0956

At most 3

0.2596

11.1191

3.8415

0.0009