Hypothesized	Trace Statistic	0.05 Critical Value	Prob.**	Hypothesized	Max-Eigen Statistic	0.05 Critical Value	Prob.**
No. of CE(s)	Trace Statistic	0.05 Critical Value	Prob.**	No. of CE(s)	Max-Eigen Statistic	0.05 Critical Value	Prob.**
None *	64.28544	47.85613	0.0007	None*	27.8261	27.58434	0.0466
At most 1*	36.45934	29.79707	0.0074	At most 1	20.39213	21.13162	0.0632
At most 2*	16.06721	15.49471	0.0410	At most 2	12.84161	14.2646	0.0829
At most 3	3.225599	3.841466	0.0725	At most 3	3.225599	3.841466	0.0725