Unrestricted  Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.979303

180.1706

69.81889

0.0000

At most 1 *

0.521936

52.20391

47.85613

0.0185

At most 2

0.489500

27.84954

29.79707

0.0825

At most 3

0.147255

5.661485

15.49471

0.7351

At most 4

0.012190

0.404751

3.841466

0.5246

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 *

0.979303

127.9667

33.87687

0.0000

At most 1

0.521936

24.35437

27.58434

0.1228

At most 2 *

0.489500

22.18806

21.13162

0.0354

At most 3

0.147255

5.256734

14.26460

0.7092

At most 4

0.012190

0.404751

3.841466

0.5246

Max-eigenvalue  test indicates 1 cointegrating eqn(s) at the 0.05 level

* denotes  rejection of the hypothesis at the 0.05 level

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