Hypothesized Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
None * 0.791266 66.97472 29.79707 0.0000
At most 1 * 0.438934 24.67393 15.49471 0.0016
At most 2 * 0.285329 9.070192 3.841466 0.0026
Trace test indicates 3 cointegrating eqn(s) at the 0.05 level
* denotes rejection of the hypothesis at the 0.05 level
**MacKinnon-Haug-Michelis (1999) p-values