Table 7.

Johansen’s test for multiple cointegration vectors

H0:	H1:	Test	0.05 Critical	Prob. **
		Statistics	Values
λtrace		Λtrace
r=0*	r>0	100.250	88.803	0.005
r≤1	r>1	57.500	63.876	0.153
r≤2	r>2	32.093	42.915	0.383
r≤3	r>3	13.002	25.782	0.738
r≤4	r>4	4.975	12.517	0.599

Note: Trace test indicates 1 cointegrating equations at the 0.05 level, * denotes rejection of the hypothesis at the 0.05 level.**MacKinnon-Haug-Michelis (1999) p-values.