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