Unrestricted Cointegration Rank Test (Trace)
Hypothesized Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
None * 0.160808 74.93107 69.81889 0.0184
At most 1 0.138331 42.84818 47.85613 0.1363
At most 2 0.043304 15.60242 29.79707 0.7399
At most 3 0.034502 7.501014 15.49471 0.5202
At most 4 0.005860 1.075585 3.841466 0.2997
Trace test indicates 1 cointegrating eqn(s) at the 0.05 level
* denotes rejection of the hypothesis at the 0.05 level
**MacKinnon-Haug-Michelis (1999) p-values
Unrestricted Cointegration Rank Test (Maximum Eigenvalue)
Hypothesized Max-Eigen 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
None 0.160808 32.08289 33.87687 0.0806
At most 1 0.138331 27.24576 27.58434 0.0552
At most 2 0.043304 8.101403 21.13162 0.8974
At most 3 0.034502 6.425429 14.26460 0.5592
At most 4 0.005860 1.075585 3.841466 0.2997