Table 6 Johansen and Juselius Cointegration (Trace).
Hypothesized No. of CE(s) | Eigenvalue | Trace Statistic | 0.05 Critical Value | Prob.a |
|---|---|---|---|---|
Nonea | 0.900 | 170.604 | 103.847 | 0.0000 |
At most 1a | 0.714 | 101.359 | 76.973 | 0.0002 |
At most 2a | 0.627 | 63.624 | 54.079 | 0.0056 |
At most 3 | 0.483 | 33.328 | 35.193 | 0.0784 |