Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.956630

126.0959

69.81889

0.0000

At most 1 *

0.822040

69.61237

47.85613

0.0001

At most 2 *

0.679160

38.54081

29.79707

0.0038

At most 3 *

0.502690

18.07821

15.49471

0.0200

At most 4 *

0.263469

5.504468

3.841466

0.0190

1 Cointegrating Equation(s):

Log likelihood

83.15996

Normalized cointegrating coefficients (standard error in parentheses)

LTCI2

LX3

LX5

LX4

LX1

1.000000

-0.550129

-0.288912

0.126879

0.623339

(0.05638)

(0.04221)

(0.01913)

(0.03244)