Software

No. of CE (s)

Trace Statistic

5% Critical Value

Maximum

5% Critical Value

EViews

None*

170.533

125.615

56.387

46.231

At most 1*

114.146

95.754

54.127

40.078

At most 2

60.019

69.819

24.679

33.877

At most 3

35.34

47.856

14.242

27.584

At most 4

21.098

29.797

10.695

21.132

At most 5

10.404

15.495

8.838

14.265

At most 6

1.566

3.841

1.566

3.841

R

None*

164.87

131.7

48.81

46.45

At most 1*

116.06

102.14

45.08

40.3

At most 2

70.98

76.07

26.14

34.4

At most 3

44.84

53.12

17.62

28.14

At most 4

27.23

34.91

12.52

22

At most 5

14.7

19.96

9.9

15.67

At most 6

4.81

9.24

4.81

9.24

Stata

None*

138.437

124.24

46.619

45.28

At most 1

91.818

94.15

34.725

39.37

At most 2

57.092

68.52

26.004

33.46

At most 3

31.088

47.21

15.181

27.07

At most 4

15.908

29.68

9.472

20.97

At most 5

6.436

15.41

4.784

14.07

At most 6

1.652

3.76

1.652

3.76