No. Cointegration Equation (s)

Eigen value

Max-eigen Statistics

Critical value (0.05)

Probability**

0*

0.014225

62.06321

52.36261

0.0038

1*

0.012606

54.95450

46.23142

0.0046

2*

0.009070

39.47164

40.07757

0.0584

3*

0.007827

34.04015

33.87687

0.0478

4*

0.006487

28.19387

27.58434

0.0418

5

0.002623

11.37723

21.13162

0.6097

6

0.002037

8.832678

14.26460

0.3003

7

0.000701

3.037789

3.841466

0.0813