Likelihood 5 Percent 1 Percent Hypothesized
Eigenvalue Ratio Critical Value Critical Value No. of CE(s)
0.657486 70.31460 47.21 54.46 None **
0.335225 27.45689 29.68 35.65 At most 1
0.236305 11.12462 15.41 20.04 At most 2
0.008492 0.341135 3.76 6.65 At most 3
*(**) denotes rejection of the hypothesis at 5%(1%) significance level L.R. test indicates 1 cointegrating equation(s) at 5% significance level