Unrestricted Cointegration Rank Test (Trace) |
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Hypothesized |
| Trace | 0.05 |
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No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
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None * | 0.845012 | 72.88606 | 47.85613 | 0.0001 |
At most 1 * | 0.652534 | 37.46237 | 29.79707 | 0.0054 |
At most 2 * | 0.430677 | 17.37766 | 15.49471 | 0.0257 |
At most 3 * | 0.296232 | 6.674837 | 3.841466 | 0.0098 |
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Trace test indicates 4 cointegrating eqn(s) at the 0.05 level | ||||
* denotes rejection of the hypothesis at the 0.05 level | ||||
**MacKinnon-Haug-Michelis (1999) p-values |
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Unrestricted Cointegration Rank Test (Maximum Eigenvalue) | ||||
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Hypothesized |
| Max-Eigen | 0.05 |
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No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
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None * | 0.845012 | 35.42369 | 27.58434 | 0.0040 |
At most 1 | 0.652534 | 20.08470 | 21.13162 | 0.0695 |
At most 2 | 0.430677 | 10.70283 | 14.26460 | 0.1697 |
At most 3 * | 0.296232 | 6.674837 | 3.841466 | 0.0098 |
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Max-eigenvalue 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 |
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