101 0.000000
1.000000 -11.07683
0.017235 0.80235
0.00196 Adjustment coefficients standard error in parentheses
DBD_Y -0.712882
0.061800 0.47335
0.31123 DCA_Y
-0.267011 -1.607053
0.42007 0.27619
DER_Y -0.041802
0.003847 0.02689
0.01768
d. Malaysia
Date: 061911 Time: 17:07 Sample adjusted: 1983 2010
Included observations: 28 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
0.547075 34.27306
29.79707 0.0143
At most 1 0.345209
12.09628 15.49471
0.1524 At most 2
0.008534 0.239990
3.841466 0.6242
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
0.547075 22.17678
21.13162 0.0355
At most 1 0.345209
11.85629 14.26460
0.1162 At most 2
0.008534 0.239990
3.841466 0.6242
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
-50.59274 -21.40034
-124613.2 51.00869
23.86914 563783.9
51.69553 0.235079
118186.3 Unrestricted Adjustment Coefficients alpha:
DBD_Y 0.008322
0.001075 -4.83E-05
DCA_Y 0.004657
-0.011843 -0.001531
DER_Y -3.73E-08
-3.07E-07 6.09E-08
1 Cointegrating Equations: Log likelihood
510.8676 Normalized cointegrating coefficients standard error in parentheses
BD_Y CA_Y
ER_Y 1.000000
0.422992 2463.066
0.07472 1455.34
Adjustment coefficients standard error in parentheses
102 DBD_Y
-0.421016 0.08832
DCA_Y -0.235616
0.29904 DER_Y
1.89E-06 9.5E-06
2 Cointegrating Equations: Log likelihood
516.7957 Normalized cointegrating coefficients standard error in parentheses
BD_Y CA_Y
ER_Y 1.000000
0.000000 -78367.17
20532.4 0.000000
1.000000 191091.5
46952.8 Adjustment coefficients standard error in parentheses
DBD_Y -0.366204
-0.152437 0.12422
0.05543 DCA_Y
-0.839698 -0.382339
0.37965 0.16941
DER_Y -1.38E-05
-6.54E-06 1.3E-05
5.6E-06
e. Filipina
Date: 061911 Time: 17:28 Sample adjusted: 1992Q1 2010Q4
Included observations: 76 after adjustments Trend assumption: Linear deterministic trend
Series: BD_Y CA_Y ER_Y Lags interval in first differences: 1 to 3
Unrestricted Cointegration Rank Test Trace Hypothesized
Trace 0.05
No. of CEs Eigenvalue
Statistic Critical Value
Prob. None
0.212872 27.59905
29.79707 0.0878
At most 1 0.114280
9.407341 15.49471
0.3290 At most 2
0.002424 0.184446
3.841466 0.6676
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
0.212872 18.19171
21.13162 0.1228
At most 1 0.114280
9.222895 14.26460
0.2681 At most 2
0.002424 0.184446
3.841466 0.6676
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
1.924321 3.334614
21.63987 -1.759796
0.740146 -12.34698
-0.546272 -0.848404
4.976584 Unrestricted Adjustment Coefficients alpha:
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
