Hypothesized

Trace

0.05

Max-Eigen

0.05

No. of CE(s)

Eigen value

Statistic

Critical Value

Prob.**

Statistic

Critical Value

Prob.**

None

0.354720

23.07239

29.79707

0.2425

14.45634

21.13162

0.3288

At most 1

0.170103

8.616050

15.49471

0.4021

6.152955

14.26460

0.5937

At most 2

0.071922

2.463096

3.841466

0.1165

2.463096

3.841466

0.1165