Sample (adjusted): 1982 2018 Included observations: 37 after adjustments Trend assumption: Linear deterministic trend Series: RGDP TFD TO FD IR INF EX Lags interval (in first difference): 1 to 1 | ||||
Unrestricted Cointegration Rank Test (Trace) | ||||
Hypothesized No. of CE(s) | Eigenvalue | Trace Statistic | 0.05 Critical Value | Prob.** |
None * At most 1 * At most 2 * At most 3 At most 4 At most 5 At most 6 | 0.934113 0.689027 0.611317 0.402625 0.230604 0.158048 0.051619 | 215.9039 115.2710 72.05317 37.08853 18.02573 8.326172 1.960971 | 125.6154 95.75366 69.81889 47.85613 29.79707 15.49471 3.841466 | 0.0000 0.0012 0.0328 0.3434 0.5642 0.4312 0.1614 |
Trace test indicates 3 cointegrating eqn(s) at the 0.05 level * denotes rejection of the hypothesis at the 0.05 level **MacKinnon-Haug-Michelis (1999) p-values | ||||
Unrestricted Cointegration Rank Test (Maximum Eigenvalue) | ||||
Hypothesized No. of CE(s) | Eigenvalue | Max-Eigen Statistic | 0.05 Critical Value | Prob.** |
None * At most 1 * At most 2 * At most 3 At most 4 At most 5 At most 6 | 0.934113 0.689027 0.611317 0.402625 0.230604 0.158048 0.051619 | 100.6330 43.21779 34.96464 19.06281 9.699554 6.365201 1.960971 | 46.23142 40.07757 33.87687 27.58434 21.13162 14.26460 3.841466 | 0.0000 0.0215 0.0370 0.4097 0.7723 0.5668 0.1614 |
Max-eigenvalue test indicates 3 cointegrating eqn(s) at the 0.05 level * denotes rejection of the hypothesis at the 0.05 level **MacKinnon-Haug-Michelis (1999) p-values |