Table 4.

Unrestricted cointegration rank test (trace)

Hypothesized		Trace	0.05
No. of CE(s)	Eigenvalue	Statistic	Critical value	Prob.**
None*	0.752	98.635	69.818	0.000
At most 1*	0.705	60.916	47.856	0.001
At most 2	0.462	27.877	29.797	0.081
At most 3	0.257	11.123	15.494	0.204
At most 4	0.108	3.100	3.841	0.078

The tracking test refers to two equations involved in integration at 0.05

^*Rejection of hypothesis at level 0.05