Number of cointegrating variables

Characteristic value

Trace statistics

Key value

P value

No  cointegration

0.18770

5141.073

60.06141

0.0001***

Up  to 1 cointegration

0.16225

3675.888

40.17493

0.0001***

Up  to 2 cointegrations

0.13786

2428.181

24.27596

0.0001***

Up  to 3 cointegrations

0.09744

1382.689

12.3209

0.0001***

Up  to 4 cointegrations

0.08941

660.1289

4.129906

0.0001***