98 Unrestricted Cointegrating Coefficients normalized by bS11b=I:
BD_Y CA_Y
ER_Y C
-19.27311 14.35854
-10.82886 5.545359
-1.993155 5.344998
22.05288 -4.899828
-2.150881 -0.880234
15.92304 -1.219797
Unrestricted Adjustment Coefficients alpha: DBD_Y
0.056765 -0.035218
-0.018116 DCA_Y
0.049353 -0.040213
-0.003907 DER_Y
-0.006634 -0.004520
-0.003281 1 Cointegrating Equations:
Log likelihood 151.3200
Normalized cointegrating coefficients standard error in parentheses BD_Y
CA_Y ER_Y
C 1.000000
-0.745004 0.561864
-0.287725 0.04358
0.27552 0.05706
Adjustment coefficients standard error in parentheses DBD_Y
-1.094030 0.48035
DCA_Y -0.951195
0.44114 DER_Y
0.127851 0.06917
2 Cointegrating Equations: Log likelihood
153.6588 Normalized cointegrating coefficients standard error in parentheses
BD_Y CA_Y
ER_Y C
1.000000 0.000000
5.034250 -1.344084
2.55364 0.45932
0.000000 1.000000
6.003170 -1.417923
3.39618 0.61086
Adjustment coefficients standard error in parentheses DBD_Y
-1.023835 0.626816
0.46323 0.36629
DCA_Y -0.871043
0.493703 0.41521
0.32832 DER_Y
0.136861 -0.119411
0.06730 0.05321
b. Singapura
Date: 061911 Time: 23:16 Sample adjusted: 1982 2010
Included observations: 29 after adjustments Trend assumption: No deterministic trend restricted constant
Series: BD_Y CA_Y ER_Y Lags interval in first differences: 1 to 1
Unrestricted Cointegration Rank Test Trace Hypothesized
Trace 0.05
No. of CEs Eigenvalue
Statistic Critical Value
Prob. None
0.463296 33.02448
35.19275 0.0841
At most 1 0.326932
14.97751 20.26184
0.2276 At most 2
0.113573 3.496143
9.164546 0.4923
Trace test indicates no cointegration at the 0.05 level denotes rejection of the hypothesis at the 0.05 level
99 MacKinnon-Haug-Michelis 1999 p-values
Unrestricted Cointegration Rank Test Maximum Eigenvalue Hypothesized
Max-Eigen 0.05
No. of CEs Eigenvalue
Statistic Critical Value
Prob. None
0.463296 18.04697
22.29962 0.1769
At most 1 0.326932
11.48137 15.89210
0.2182 At most 2
0.113573 3.496143
9.164546 0.4923
Max-eigenvalue 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 bS11b=I: BD_Y
CA_Y ER_Y
C -6.532868
-19.35292 -83.17102
5.489666 12.14192
26.38000 215.7584
-7.210312 23.00538
-18.60512 -98.39746
2.507196 Unrestricted Adjustment Coefficients alpha:
DBD_Y -0.005543
-0.014757 -0.009862
DCA_Y 0.013188
-0.018934 0.001914
DER_Y -0.000847
-0.000318 0.000308
1 Cointegrating Equations: Log likelihood
261.0485 Normalized cointegrating coefficients standard error in parentheses
BD_Y CA_Y
ER_Y C
1.000000 2.962393
12.73116 -0.840315
1.27162 8.22309
0.29924 Adjustment coefficients standard error in parentheses
DBD_Y 0.036209
0.05157 DCA_Y
-0.086158 0.04765
DER_Y 0.005535
0.00184 2 Cointegrating Equations:
Log likelihood 266.7892
Normalized cointegrating coefficients standard error in parentheses BD_Y
CA_Y ER_Y
C 1.000000
0.000000 31.63085
0.084233 11.4970
0.22646 0.000000
1.000000 -6.379870
-0.312095 4.65576
0.09171 Adjustment coefficients standard error in parentheses
DBD_Y -0.142969
-0.282024 0.10095
0.23955 DCA_Y
-0.316053 -0.754713
0.08596 0.20398
DER_Y 0.001669
0.007997 0.00378
0.00896
c. Indonesia