Hypothesized

Trace

0.05

Max-Eigen

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.

Eigenvalue

Statistic

Critical Value

Prob.

None^*

0.402015

222.6409

125.6154

0.0000

0.402015

106.4371

46.23142

0.0000

At most 1^*

0.240651

116.2038

95.75366

0.0010

0.240651

56.98576

40.07757

0.0003

At most 2

0.139537

59.21803

69.81889

0.2602

0.139537

31.10902

33.87687

0.1033

At most 3

0.058952

28.10901

47.85613

0.8090

0.058952

12.57752

27.58434

0.9070

At most 4

0.047468

15.53149

29.79707

0.7447

0.047468

10.06675

21.13162

0.7384

At most 5

0.019862

5.464742

15.49471

0.7577

0.019862

4.152897

14.26460

0.8429

At most 6

0.006317

1.311845

3.841466

0.2521

0.006317

1.311845

3.841466

0.2521