Date: 04/11/17 Time: 15:13

Sample (adjusted): 1983 2015

Included observations: 32 after adjustments

Trend assumption: Linear deterministic trend

Series: LOG(RGDP) LOG(FDI) LOG(IND)

Lags interval (in first differences): 1 to 2

Unrestricted Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of CE(s)

Eigen value

Statistic

Critical Value

Prob.**

None

0.354720

23.07239

29.79707

0.2425

At most 1

0.170103

8.616050

15.49471

0.4021

At most 2

0.071922

2.463096

3.841466

0.1165

Trace test indicates no cointegration 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 Eigen value)

Hypothesized

Max-Eigen

0.05

No. of CE(s)

Eigen value

Statistic

Critical Value

Prob.**

None

0.354720

14.45634

21.13162

0.3288

At most 1

0.170103

6.152955

14.26460

0.5937

At most 2

0.071922

2.463096

3.841466

0.1165

Max-eigen value test indicates no cointegration at the 0.05 level

*denotes rejection of the hypothesis at the 0.05 level

*MacKinnon-Haug-Michelis (1999) p-values

Unrestricted Cointegrating Coefficients (normalized by b' * S11 * b = I):

LOG(RGDP)

LOG(FDI)

LOG(IND)

−4.276645

−0.530103

4.099318

2.229029

−2.754058

−0.804979

0.928141

0.376997

−0.566263

Unrestricted Adjustment Coefficients (alpha):

D(LOG(RGDP))

0.011394

0.001773

−0.022509

D(LOG(FDI))

0.021769

0.166834

0.012551

D(LOG(IND))

−0.105543

0.000777

−0.067504

1 Cointegrating Equation(s):

Log likelihood

26.22017

Normalized cointegrating coefficients (standard error in parentheses)

LOG(RGDP)

LOG(FDI)

LOG(IND)

1.000000

0.123953

−0.958536

(0.16315)

(0.07139)