Unrestricted Cointegration Rank Test (Trace) | ||||
Hypothesized No. of CE (s) | Eigen value | Trace Statistic | 0.05 Critical Value | P-value |
None | 0.431310 | 47.05152 | 47.85613 | 0.0594 |
At most 1 | 0.314053 | 23.91027 | 29.79707 | 0.2043 |
At most 2 | 0.170082 | 8.455121 | 15.49471 | 0.4181 |
At most 3 | 0.019599 | 0.811533 | 3.841465 | 0.3677 |
Trace test indicates no cointegration at the 0.05 level. | ||||
Unrestricted Cointegration Rank Test (Maximum Eigen value) | ||||
Hypothesized No. of CE (s) | Eigenvalue | Max-Eigen Statistic | 0.05 Critical Value | P-value |
None | 0.431310 | 23.14125 | 27.58434 | 0.1675 |
At most 1 | 0.314053 | 15.45515 | 21.13162 | 0.2583 |
At most 2 | 0.170082 | 7.643588 | 14.26460 | 0.4161 |
At most 3 | 0.019599 | 0.811533 | 3.841465 | 0.3677 |
Max-Eigen value test indicates no cointegration at the 0.05 level. |