104 Max-eigenvalue test indicates 1 cointegrating eqns 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
TREND81 58.98039
-6.249754 554.4792
0.279909 -88.29346
-36.42519 -385.1330
0.032019 13.12077
9.512272 -331.2432
-0.141716 Unrestricted Adjustment Coefficients alpha:
DBD_Y -0.007529
-0.002332 -0.006672
DCA_Y 0.039914
0.012512 -0.004273
DER_Y -0.000282
0.000773 0.000502
1 Cointegrating Equations: Log likelihood
279.6934 Normalized cointegrating coefficients standard error in parentheses
BD_Y CA_Y
ER_Y TREND81
1.000000 -0.105963
9.401076 0.004746
0.06794 1.39295
0.00101 Adjustment coefficients standard error in parentheses
DBD_Y -0.444072
0.20672 DCA_Y
2.354143 0.47255
DER_Y -0.016637
0.02305 2 Cointegrating Equations:
Log likelihood 285.0838
Normalized cointegrating coefficients standard error in parentheses BD_Y
CA_Y ER_Y
TREND81 1.000000
0.000000 8.371278
0.003702 0.83737
0.00048 0.000000
1.000000 -9.718443
-0.009852 3.36266
0.00192 Adjustment coefficients standard error in parentheses
DBD_Y -0.238152
0.132007 0.36801
0.12809 DCA_Y
1.249398 -0.705212
0.79716 0.27746
DER_Y -0.084854
-0.026380 0.03722
0.01296
g. Kamboja
Date: 061911 Time: 19:25 Sample adjusted: 1994Q4 2010Q4
Included observations: 65 after adjustments Trend assumption: Linear deterministic trend
Series: BD_Y CA_Y ER_Y Lags interval in first differences: 1 to 2
Unrestricted Cointegration Rank Test Trace Hypothesized
Trace 0.05
No. of CEs Eigenvalue
Statistic Critical Value
Prob. None
0.487329 58.99350
29.79707 0.0000
At most 1 0.211656
15.56558 15.49471
0.0488
105 At most 2
0.001648 0.107240
3.841466 0.7433
Trace test indicates 2 cointegrating eqns 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 Eigenvalue Hypothesized
Max-Eigen 0.05
No. of CEs Eigenvalue
Statistic Critical Value
Prob. None
0.487329 43.42792
21.13162 0.0000
At most 1 0.211656
15.45834 14.26460
0.0322 At most 2
0.001648 0.107240
3.841466 0.7433
Max-eigenvalue test indicates 2 cointegrating eqns 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
8.804546 -48.90533
7.587121 -96.90834
9.340082 3.290234
11.30229 -1.936390
17.46225 Unrestricted Adjustment Coefficients alpha:
DBD_Y -0.000749
0.003204 -4.84E-05
DCA_Y 0.035237
0.009321 -6.82E-05
DER_Y 0.000296
-0.001127 -0.000336
1 Cointegrating Equations: Log likelihood
566.4350 Normalized cointegrating coefficients standard error in parentheses
BD_Y CA_Y
ER_Y 1.000000
-5.554554 0.861728
0.73849 0.29800
Adjustment coefficients standard error in parentheses DBD_Y
-0.006595 0.00829
DCA_Y 0.310249
0.04836 DER_Y
0.002606 0.01008
2 Cointegrating Equations: Log likelihood
574.1642 Normalized cointegrating coefficients standard error in parentheses
BD_Y CA_Y
ER_Y 1.000000
0.000000 -0.049768
0.04746 0.000000
1.000000 -0.164099
0.05044 Adjustment coefficients standard error in parentheses
DBD_Y -0.317135
0.066565 0.08178
0.04184 DCA_Y
-0.593058 -1.636232
0.52079 0.26647
DER_Y 0.111870
-0.025006 0.11044
0.05651
h. Laos
106 Date: 061911 Time: 20:39
Sample adjusted: 8 68 Included observations: 61 after adjustments
Trend assumption: Quadratic deterministic trend Series: BD_Y CA_Y ER_Y
Lags interval in first differences: 1 to 6 Unrestricted Cointegration Rank Test Trace
Hypothesized Trace
0.05 No. of CEs
Eigenvalue Statistic
Critical Value Prob.
None 0.311337
36.77157 35.01090
0.0321 At most 1
0.175798 14.01837
18.39771 0.1842
At most 2 0.035813
2.224657 3.841466
0.1358 Trace test indicates 1 cointegrating eqns 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 Eigenvalue Hypothesized
Max-Eigen 0.05
No. of CEs Eigenvalue
Statistic Critical Value
Prob. None
0.311337 22.75320
24.25202 0.0779
At most 1 0.175798
11.79371 17.14769
0.2537 At most 2
0.035813 2.224657
3.841466 0.1358
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
274.2679 15.08377
27539.20 -0.728068
62.39625 7409.148
51.31222 -16.06612
-4615.956 Unrestricted Adjustment Coefficients alpha:
DBD_Y -0.003191
-0.002401 -0.000218
DCA_Y 0.003003
-0.001818 -0.000762
DER_Y -1.63E-06
-1.02E-06 4.72E-06
1 Cointegrating Equations: Log likelihood
994.9894 Normalized cointegrating coefficients standard error in parentheses
BD_Y CA_Y
ER_Y 1.000000
0.054996 100.4099
0.05584 10.4344
Adjustment coefficients standard error in parentheses DBD_Y
-0.875150 0.32635
DCA_Y 0.823747
0.32149 DER_Y
-0.000447 0.00109
2 Cointegrating Equations: Log likelihood
1000.886 Normalized cointegrating coefficients standard error in parentheses
BD_Y CA_Y
ER_Y 1.000000
0.000000 93.81918
107 6.42366
0.000000 1.000000
119.8382 38.7762
Adjustment coefficients standard error in parentheses DBD_Y
-0.873402 -0.197929
0.30930 0.07239
DCA_Y 0.825070
-0.068126 0.31167
0.07295 DER_Y
-0.000446 -8.85E-05
0.00109 0.00026
i. Myanmar