Table 3.

Johansen co-integration test.

Hypothesized no. of CE(s)	Eigenvalue	Trace statistic	Critical value	Prob.
None**	0.741374	85.40922	69.81889	0.0017
At most 1*	0.601010	48.89514	47.85613	0.0398
At most 2	0.443438	24.08702	29.79707	0.1968
At most 3	0.263563	8.265625	15.49471	0.4374
At most 4	0.000202	0.005460	3.841466	0.9404
	Eigenvalue	Max-Eigen statistic	Critical value	Prob.
None*	0.741374	36.51407	33.87687	0.0237
At most 1	0.601010	24.80813	27.58434	0.1089
At most 2	0.443438	15.82139	21.13162	0.2355
At most 3	0.263563	8.260164	14.26460	0.3529
At most 4	0.000202	0.005460	3.841466	0.9404

** Significant at the 5%; * significant at the 10%