Included observations: 27 after adjustments

Trend assumption: Linear deterministic trend

Series: LOG_HDI LOG_FOREIGNAID LOG_FDI LOG_POP LOG_TRADE

Lags interval (in first differences): 1 to 1

Unrestricted Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None*

0.796398

95.93298

69.81889

0.0001

At most 1*

0.635319

52.96009

47.85613

0.0154

At most 2

0.429517

25.72433

29.79707

0.1372

At most 3

0.297876

10.57000

15.49471

0.2394

At most 4

0.037130

1.021585

3.841466

0.3121