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.