Unrestricted Co-integration Rank Test (Trace) | Prob.** | |||
Hypothesized No. of CE(s) | Eigen value Statistic | Trace Statistic | 0.05 Critical Value | |
None* | 0.319536 | 19.08896 | 21.23443 | 0.03254 |
At most 1 | 0.004112 | 0.019772 | 3.64344 | 0.3993 |
At most 2 | 0.001472 | 0.015866 | 3.84462 | 0.6730 |
At most 3 | 0.000172 | 0.005866 | 3.94046 | 0.7429 |
At most 4 | 0.003892 | 0.017657 | 3.59646 | 0.3899 |