Hypothesized No. of CE(s)

No. of CE(s)

Trace statistic

0.05 critical value

Prob.^**

None^*

0.788894

117.3654

95.75366

0.0007

At most 1

0.543920

66.03743

69.81889

0.0965

At most 2

0.469332

40.12959

47.85613

0.2179

At most 3

0.274670

19.22017

29.79707

0.2179

At most 4

0.171392

8.622935

15.49471

0.4014

At most 5

0.070672

2.418683

3.841466

0.1199