Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.931665

71.56035

40.17493

0.0000

At most 1 *

0.658003

25.94370

24.27596

0.0306

At most 2

0.316950

7.703476

12.32090

0.2606

At most 3

0.069431

1.223303

4.129906

0.3135

Trace test indicates 2 cointegrating eqn(s) at the 0.05 level

* denotes rejection of the hypothesis at the 0.05 level

**MacKinnon-Haug-Michelis (1999) p-values

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized

Max-Eigen

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.931665

45.61664

24.15921

0.0000

At most 1 *

0.658003

18.24023

17.79730

0.0429

At most 2

0.316950

6.480173

11.22480

0.2983

At most 3

0.069431

1.223303

4.129906

0.3135