Hypothesized

Eigen

Trace

Critical Value

Maximum

Critical value

Number of cointegrating

Value

Statistics

at 5%

Eigen

at 5%

Equations

(p-value)

Statistics

(p-value)

None*

0.276

68.455

15.495 (0.000)

36.815

14.265 (0.000)

At most 1*

0.242

31.64

3.841 (0.000)

31.64

3.842 (0.000)