Date: 03/11/11   Time: 19:36   
Sample (adjusted): 1992 2009   
Included observations: 18 after adjustments   
Trend assumption: Linear deterministic trend   
Series: CONSP GDPP RATIO     
Lags interval (in first differences): 1 to 2   
   
Unrestricted Cointegration Rank Test (Trace)   
   
Hypothesized  Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
   
None *  0.801137  53.01281  29.79707  0.0000
At most 1 *  0.678468  23.94032  15.49471  0.0021
At most 2  0.177462  3.516496  3.841466  0.0608
   
Trace test indicates 2 cointegrating eqn(s) 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 CE(s) Eigenvalue Statistic Critical Value Prob.**
   
None *  0.801137  29.07249  21.13162  0.0031
At most 1 *  0.678468  20.42383  14.26460  0.0047
At most 2  0.177462  3.516496  3.841466  0.0608
   
Max-eigenvalue test indicates 2 cointegrating eqn(s) 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 b'*S11*b=I):     
   
CONSP GDPP RATIO  
0.025769 -0.012596 -18.37184  
0.033014 -0.008900 -9.970002  
0.009477 -0.014123  79.33245  
   
   
Unrestricted Adjustment Coefficients (alpha):     
   
D(CONSP) -20.82167 -17.76907 -2.916289
D(GDPP) -43.08961 -2.734564 -1.037440
D(RATIO) -0.007200  0.008099 -0.011199
   
   
1 Cointegrating Equation(s):   Log likelihood -122.0831
   
Normalized cointegrating coefficients (standard error in parentheses)   
CONSP GDPP RATIO  
1.000000 -0.488789 -712.9316  
  (0.06982)  (501.533)  
   
Adjustment coefficients (standard error in parentheses)   
D(CONSP) -0.536562   
  (0.20306)   
D(GDPP) -1.110394   
  (0.17816)   
D(RATIO) -0.000186   
  (0.00023)   
   
   
2 Cointegrating Equation(s):   Log likelihood -111.8712
   
Normalized cointegrating coefficients (standard error in parentheses)   
CONSP GDPP RATIO  
1.000000  0.000000  203.3246  
   (652.412)  
0.000000  1.000000  1874.543  
   (1620.63)  
   
Adjustment coefficients (standard error in parentheses)   
D(CONSP) -1.123198  0.420403  
  (0.23136)  (0.08520)  
D(GDPP) -1.200675  0.567085  
  (0.28727)  (0.10579)  
D(RATIO)  8.19E-05  1.86E-05  
  (0.00036)  (0.00013)