Table 4 Unrestricted cointegration rank... | Emerald Publishing

Table 4

Unrestricted cointegration rank test

Hypothesized no. of CE(s)	Trace			Maximum eigenvalue
Hypothesized no. of CE(s)	Trace statistic	Critical value	Prob**	Max-Eigen statistic	Critical value	Prob
None	59.85346	47.85613	0.0025*	33.10555	27.58434	0.0088*
At most 1	26.74790	29.79707	0.1079	21.41346	21.13162	0.0457*
At most 2	5.334449	15.49471	0.7723	4.042296	14.26460	0.8549
At most 3	1.292154	3.841466	0.2557	1.292154	3.841466	0.2557

Hypothesized no. of CE(s)	Trace			Maximum eigenvalue
Hypothesized no. of CE(s)	Trace statistic	Critical value	Prob**	Max-Eigen statistic	Critical value	Prob
None	59.85346	47.85613	0.0025*	33.10555	27.58434	0.0088*
At most 1	26.74790	29.79707	0.1079	21.41346	21.13162	0.0457*
At most 2	5.334449	15.49471	0.7723	4.042296	14.26460	0.8549
At most 3	1.292154	3.841466	0.2557	1.292154	3.841466	0.2557

Note(s): Trace test indicates one cointegrating eqn(s) at the 0.05 level

* denotes rejection of the hypothesis at the 0.05 level

Source(s): Own elaboration