Unrestricted Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of CE (s)

Eigen Value

Statistic

Critical Value

Prob.**

None*

0.815946

86.52153

60.06141

0.0001

Atmost1*

0.615426

42.51585

40.17493

0.0285

Atmost2

0.429535

17.66976

24.27596

0.2703

Atmost3

0.108132

3.075851

12.32090

0.8381

Atmost4

0.003857

0.100486

4.129906

0.7943

Trace test indicates 2 cointegratingeqn(s) at the 0.05 level