Table 5: Johansen unrestricted cointegration rank test (trace and max-eigenvalue).

InterceptIntercept plus trend
Eigen-valueTrace statistic0.5% CVProb.**Eigen-valueTrace statistic0.5% CVProb.**

Trace test0.791 82.71069.8180.0033*0.893114.44188.8030.0002*
Max-eigenvalue test0.79143.85333.876 0.0024*0.79162.59138.331 0.0000*

Note: *denotes rejection of the hypothesis at the 0.05 level.