Equations

Full sample (2000-2012)

Trace statistic

Critical value

Hypothesized

No. of CE(s)

TRADE BALANCE

LREER and LDD

0.4911

3.8414

None*

at most 1

EXPORT EQUATION

LREER, LOREX, LPROEX

3.4962

15.4947

None*

at most 1

IMPORT EQUATION

LREER, LORIM, LPROIM, LDD

5.1145

15.4947

None*

at most 1*

at most 2

Equations

Subsample (2005.07 onwards)

Trace Statistic

Critical Value

Hypothesized

No. of CE(s)

TRADE BALANCE

LREER and LFDI

0.6913

3.8414

None*

at most 1

EXPORT EQUATION

LREER, LOREX, LPROEX, LFDI

18.8848

29.7971

None*

at most 1

IMPORT EQUATION

LREER, LORIM, LPROIM, LFDI

21.8175

29.7971

None*

at most 1