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