Characteristic root tracing test

CE

CV

Trace statistic

5% Critical value

Prob.**

None*

0.869832

57.31706

35.01090

0.0001

At most 1*

0.750552

28.77208

18.39771

0.0013

At most 2*

0.486572

9.333025

3.841466

0.0023

Max-eigenvalue test

CE

CV

Max-Eigen

5% Critical value

Prob.**

None*

0.869832

28.54497

24.25202

0.0127

At most 1*

0.750552

19.43906

17.14769

0.0229

At most 2*

0.486572

9.333025

3.841466

0.0023

Standardization of cointegration vector

SZEIT

SZGDP

SZEDT

1.000000

−0.073628

−2.031873

(0.11316)

(0.04978)