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*	65.97247	47.85613	0.0004	None*	27.69546	27.58434	0.0484
At most 1*	38.27702	29.79707	0.0042	At most 1	17.15404	21.13162	0.1649
At most 2*	21.12297	15.49471	0.0064	At most 2	12.57958	14.2646	0.0907
At most 3*	8.543395	3.841466	0.0035	At most 3*	8.543395	3.841466	0.0035
At most 4*	65.97247	47.85613	0.0004	At most 4*	27.69546	27.58434	0.0484