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
Date: 061911 Time: 21:12 Sample adjusted: 1992Q2 2010Q4
Included observations: 75 after adjustments Trend assumption: No deterministic trend restricted constant
Series: BD CA ER Lags interval in first differences: 1 to 4
Unrestricted Cointegration Rank Test Trace Hypothesized
Trace 0.05
No. of CEs Eigenvalue
Statistic Critical Value
Prob. None
0.133612 22.25434
35.19275 0.5783
At most 1 0.105659
11.49762 20.26184
0.4948 At most 2
0.040778 3.122489
9.164546 0.5581
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 Eigenvalue
Hypothesized Max-Eigen
0.05 No. of CEs
Eigenvalue Statistic
Critical Value Prob.
None 0.133612
10.75672 22.29962
0.7718 At most 1
0.105659 8.375135
15.89210 0.5036
At most 2 0.040778
3.122489 9.164546
0.5581 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
CA ER
C 1.181313
-0.271703 -3.966478
25.54805 -0.463271
-1.695236 4.399823
-27.62940 0.442840
2.522523 0.295051
-0.098831 Unrestricted Adjustment Coefficients alpha:
DBD -0.005137
-0.005452 -0.014757
DCA 0.004487
0.004725 -0.000926
DER 0.026327
-0.026531 2.90E-05
1 Cointegrating Equations: Log likelihood
341.3938 Normalized cointegrating coefficients standard error in parentheses
BD CA
ER C
1.000000 -0.230001
-3.357686 21.62683
0.85244 0.94456
5.68507
108 Adjustment coefficients standard error in parentheses
DBD -0.006068
0.01142 DCA
0.005301 0.00286
DER 0.031100
0.01585 2 Cointegrating Equations:
Log likelihood 345.5814
Normalized cointegrating coefficients standard error in parentheses BD
CA ER
C 1.000000
0.000000 -3.720765
23.87481 0.89662
5.41508 0.000000
1.000000 -1.578602
9.773804 0.74239
4.48362 Adjustment coefficients standard error in parentheses
DBD -0.003542
0.010638 0.01223
0.01655 DCA
0.003111 -0.009230
0.00297 0.00402
DER 0.043391
0.037823 0.01648
0.02229
j. Vietnam
