Hypothesized

No. of CE(s)

Eigenvalue

Max-Eigen

Statistic

0.05

Critical Value

Prob.^**

None^*

0.7770

25.5100

21.1316

0.0113

At most 1^*

0.5824

14.8435

14.2646

0.0405

At most 2^*

0.3883

8.3556

3.8415

0.0038