Hypothesized No. of CE(s)

Trace Statistic

0.05 Critical Value

Prob.*

Max-Eigen Statistic

0.05 Critical Value

Prob.*

None*

161.5994

69.81889

0.0000

59.84407

33.87687

0.0000

At most 1*

101.7554

47.85613

0.0000

38.45901

27.58434

0.0014

At most 2*

63.29635

29.79707

0.0000

34.47985

21.13162

0.0004

At most 3*

28.81650

15.49471

0.0003

27.44870

14.26460

0.0003