Variables

With Constant

With Constant and Trend

Lag Order

t-statistic

p-value

Lag Order

t-statistic

p-value

LNSX

1

−0.558090

0.8760

1

−3.352376

0.0604

ΔLNSX

0

−13.52974*

0.0000

0

−13.55193*

0.0000

LNCD

0

−2.140186

0.2292

0

−2.128569

0.5269

ΔLNCD

0

−19.98962*

0.0000

0

−19.94855*

0.0000

LNCP

6

−2.300291

0.1727

6

−2.326949

0.4174

ΔLNCP

5

−5.528649*

0.0000

5

−5.518630*

0.0000

LNCR

1

−2.209872

0.2034

1

−2.238404

0.4658

ΔLNCR

0

−25.17840*

0.0000

0

−25.12753*

0.0000

LNTBL

1

−1.735778

0.4120

1

−1.805087

0.6996

ΔLNTBL

0

−12.73168*

0.0000

0

−12.70629*

0.0000