Sample:  1990  2010  

Included  observations: 19

Test assumption: No deterministic  trend in the data

Series:  e  CR8   BCR

Lags  interval: 1 to 1

Eigenvalue

Likelihood

Ratio

5 Percent

Critical Value

1 Percent

Critical Value

Hypothesized

No. of CE(s)

0.884111

46.23652

24.31

29.75

None **

0.403571

13.90962

12.53

16.31

At most 1 *

0.336691

6.157706

3.84

6.51

At most 2 *