Unrestricted  Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of  CE(s)

Eigenvalue

Statistic

Critical  Value

Prob.**

None *

0.434644

133.7224

95.75366

0.0000

At most 1  *

0.288463

76.69255

69.81889

0.0127

At most 2

0.228911

42.65974

47.85613

0.1411

At most 3

0.097075

16.66456

29.79707

0.6647

At most 4

0.062187

6.452961

15.49471

0.6420

At most 5

0.000325

0.032462

3.841466

0.8570