103 DBD_Y
-0.013401 0.051748
0.005929 DCA_Y
-0.039099 0.074575
-0.012532 DER_Y
-0.015836 -0.006939
-0.000242 1 Cointegrating Equations:
Log likelihood 138.5873
Normalized cointegrating coefficients standard error in parentheses BD_Y
CA_Y ER_Y
1.000000 1.732879
11.24546 0.35066
1.39821 Adjustment coefficients standard error in parentheses
DBD_Y -0.025788
0.04689 DCA_Y
-0.075240 0.08238
DER_Y -0.030474
0.00884 2 Cointegrating Equations:
Log likelihood 143.1988
Normalized cointegrating coefficients standard error in parentheses BD_Y
CA_Y ER_Y
1.000000 0.000000
7.842157 1.68870
0.000000 1.000000
1.963958 1.13932
Adjustment coefficients standard error in parentheses DBD_Y
-0.116854 -0.006386
0.06130 0.08030
DCA_Y -0.206477
-0.075185 0.10899
0.14277 DER_Y
-0.018262 -0.057943
0.01177 0.01542
f. Thailand
Date: 061911 Time: 18:35 Sample adjusted: 1983 2010
Included observations: 28 after adjustments Trend assumption: Linear deterministic trend restricted
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
0.691565 50.63226
42.91525 0.0071
At most 1 0.319568
17.69745 25.87211
0.3646 At most 2
0.218878 6.916670
12.51798 0.3533
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
0.691565 32.93481
25.82321 0.0049
At most 1 0.319568
10.78078 19.38704
0.5361 At most 2
0.218878 6.916670
12.51798 0.3533
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
