|
Date: 11/20/08 Time: 12:35
|
|
Sample: 1982 2007
|
|
Included observations: 24
|
|
Test assumption: Linear deterministic trend in the data
|
|
|
|
|
|
|
Series: PIBT M2 CSP OUV DP
|
|
Lags interval: 1 to 1
|
|
Likelihood
|
5 Percent
|
1 Percent
|
Hypothesized
|
|
|
Eigenvalue
|
Ratio
|
Critical Value
|
Critical Value
|
No. of CE(s)
|
|
|
0.899181
|
112.8565
|
68.52
|
76.07
|
None **
|
|
0.709373
|
57.79025
|
47.21
|
54.46
|
At most 1 **
|
|
0.545906
|
28.13309
|
29.68
|
35.65
|
At most 2
|
|
0.306225
|
9.186266
|
15.41
|
20.04
|
At most 3
|
|
0.017007
|
0.411688
|
3.76
|
6.65
|
At most 4
|
|
*(**) denotes rejection of the hypothesis at 5%(1%)
significance level
|
|
|
|
|
|
|
L.R. test indicates 2 cointegrating equation(s) at 5%
significance level
|
|
|
|
|
|
|
|
|
|
|
|
|
Unnormalized Cointegrating Coefficients:
|
|
PIBT
|
M2
|
CSP
|
OUV
|
DP
|
|
|
-0.010347
|
0.246369
|
-0.147511
|
0.000639
|
0.019024
|
|
|
0.002343
|
-0.117752
|
0.000788
|
-0.000517
|
0.101640
|
|
|
0.022983
|
-0.074477
|
0.023644
|
-0.014094
|
-0.045434
|
|
|
0.015256
|
-0.018082
|
0.033433
|
0.003321
|
0.025636
|
|
|
-0.004197
|
0.026888
|
-0.017251
|
-0.014402
|
0.029199
|
|
|
|
|
|
|
|
|
Normalized Cointegrating Coefficients: 1 Cointegrating
Equation(s)
|
|
|
|
|
|
|
PIBT
|
M2
|
CSP
|
OUV
|
DP
|
C
|
|
1.000000
|
-23.81081
|
14.25644
|
-0.061743
|
-1.838649
|
45.44335
|
|
(3.91825)
|
(2.37424)
|
(0.13111)
|
(0.79761)
|
|
|
|
|
|
|
|
|
Log likelihood
|
-280.3728
|
|
|
|
|
|
|
|
|
|
|
|
Normalized Cointegrating Coefficients: 2 Cointegrating
Equation(s)
|
|
|
|
|
|
|
PIBT
|
M2
|
CSP
|
OUV
|
DP
|
C
|
|
1.000000
|
0.000000
|
26.79300
|
0.081393
|
-42.55730
|
29.28634
|
|
|
(34.5704)
|
(1.09534)
|
(53.6373)
|
|
|
0.000000
|
1.000000
|
0.526507
|
0.006011
|
-1.710091
|
-0.678558
|
|
|
(1.41837)
|
(0.04494)
|
(2.20065)
|
|
|
|
|
|
|
|
|
Log likelihood
|
-265.5442
|
|
|
|
|
|
|
|
|
|
|
|
Normalized Cointegrating Coefficients: 3 Cointegrating
Equation(s)
|
|
|
|
|
|
|
PIBT
|
M2
|
CSP
|
OUV
|
DP
|
C
|
|
1.000000
|
0.000000
|
0.000000
|
-0.670527
|
-3.535273
|
-123.4560
|
|
|
|
(0.19088)
|
(1.03576)
|
|
|
0.000000
|
1.000000
|
0.000000
|
-0.008765
|
-0.943272
|
-3.680085
|
|
|
|
(0.02425)
|
(0.13156)
|
|
|
0.000000
|
0.000000
|
1.000000
|
0.028064
|
-1.456426
|
5.700832
|
|
|
|
(0.03923)
|
(0.21290)
|
|
|
|
|
|
|
|
|
Log likelihood
|
-256.0708
|
|
|
|
|
|
|
|
|
|
|
|
Normalized Cointegrating Coefficients: 4 Cointegrating
Equation(s)
|
|
|
|
|
|
|
PIBT
|
M2
|
CSP
|
OUV
|
DP
|
C
|
|
1.000000
|
0.000000
|
0.000000
|
0.000000
|
2.452245
|
-216.1803
|
|
|
|
|
(2.72602)
|
|
|
0.000000
|
1.000000
|
0.000000
|
0.000000
|
-0.865009
|
-4.892092
|
|
|
|
|
(0.18392)
|
|
|
0.000000
|
0.000000
|
1.000000
|
0.000000
|
-1.707026
|
9.581687
|
|
|
|
|
(0.34614)
|
|
|
0.000000
|
0.000000
|
0.000000
|
1.000000
|
8.929576
|
-138.2857
|
|
|
|
|
(4.39551)
|
|
|
|
|
|
|
|
|
Log likelihood
|
-251.6835
|
|
|
|
|
|
112.8565
|
68.52
|
76.07
|
|
57.79025
|
47.21
|
54.46
|
