Table 5.

Unrestricted cointegration rank test (maximum eigenvalue)

Hypothesized		Max-eigen	0.05
No. of CE(s)	Eigenvalue	Statistic	Critical value	Prob.**
None*	0.752	37.718	33.876	0.016
At most 1*	0.705	33.039	27.584	0.009
At most 2	0.462	16.753	21.131	0.183
At most 3	0.257	8.022	14.264	0.376
At most 4	0.108	3.100	3.841	0.078

High eigenvalue test indicates 2 cointegrations at 0.05 level

^*Rejection of assumptions at 0.05