Date: 10/24/17 Time: 09:00

Sample (adjusted): 1983 2016

Included observations: 34 after adjustments

Trend assumption: Linear deterministic trend

Series: EII FDI NOEXP NOIMP OEXP OIMP

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*

0.978137

378.4485

95.75366

0.0001

At most 1*

0.942356

248.4672

69.81889

0.0000

At most 2*

0.903258

151.4493

47.85613

0.0000

At most 3*

0.685625

72.03544

29.79707

0.0000

At most 4*

0.474501

32.69167

15.49471

0.0001

At most 5

0.172479

20.81582

3.841466

0.0610