Null Hypothesis: ECT has a unit root

t-Statistic

Prob.*

Augmented Dickey-Fuller test statistic

−3.584723

0.0199

Test critical values:

1% level

−2.956845

5% level

−2.548216

10% level

−1.852146

*MacKinnon (1996) one-sided p-values.

Variable

Coefficient

Std. Error

t-Statistic

Prob.

ECT (−1)

−0.308099

0.130802

−3.633400

0.024934

R-squared

0.147277

Mean dependent var

−18.681999

Adjusted R-squared

0.147277

S. D. dependent var

1242.134300

S. E. of regression

1116.773

Akaike info criterion

17.775208

Sum squared resid

40165536

Schwarz criterion

17.822561

Log likelihood

−292.574

Hannan-Quinn criter.

17.791354

Durbin-Watson stat

1.701624