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.