Unrestricted Cointegration Rank Test (Trace)-Series: LFY LM2 LREER LTBAL

Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None*

0.351543

51.75991

47.85613

0.0205

At most 1

0.230461

21.00559

29.79707

0.3573

At most 2

0.032422

2.406144

15.49471

0.9874

At most 3

0.000929

0.066005

3.841466

0.7972

Trace test indicates 1 cointegrating eqn(s) at the 0.05 level

*denotes rejection of the hypothesis at the 0.05 level

**MacKinnon-Haug-Michelis (1999) p-values

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized

Max-Eigen

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None*

0.351543

30.75432

27.58434

0.0189

At most 1

0.230461

18.59945

21.13162

0.1090

At most 2

0.032422

2.340139

14.26460

0.9807

At most 3

0.000929

0.066005

3.841466

0.7972

Max-eigenvalue test indicates 1 cointegrating eqn(s) at the 0.05 level

*denotes rejection of the hypothesis at the 0.05 level

**MacKinnon-Haug-Michelis (1999) p-values