Unrestricted Cointegration Rank Test (Maximum Eigen value)

Hypothesized No. of CE (s)

Eigen value

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.