No. Cointegration Equation (s)

Eigen value

Trace statistics

Critical value (0.05)

Probability**

0*

0.014225

241.9711

159.5297

0.0000

1*

0.012606

179.9079

125.6154

0.0000

2*

0.009070

124.9534

95.75366

0.0001

3*

0.007827

85.48172

69.81889

0.0017

4*

0.006487

51.44157

47.85613

0.0222

5

0.002623

23.24770

29.79707

0.2341

6

0.002037

11.87047

15.49471

0.1633

7

0.000701

3.037789

3.841466

0.0813