Hypothesized No of CE (s) | Eigen-values | Trace statistics | 0.05 critical value | Prob. |
---|---|---|---|---|

None* | 0.723 | 55.325 | 32.915 | 0.000 |

At most 1 | 0.441 | 23.576 | 35.872 | 0.350 |

At most 2 | 0.291 | 9.146 | 7.017 | 0.725 |

At most 3 | 0.369 | 19.964 | 26.233 | 0.375 |

Trace test indicates 1 co-integrating specification at a 0.05 level | ||||

Hypothesized No of CE (s) | Eigen-values | Max-Eigen statistics | 0.05 critical value | Prob. |

None* | 0.723 | 33.069 | 15.823 | 0.000 |

At most 1 | 0.441 | 16.068 | 29.387 | 0.233 |

At most 2 | 0.291 | 10.147 | 18.017 | 0.637 |

At most 3 | 0.369 | 12.941 | 21.287 | 0.160 |