Vector Error Correction Estimates

Date: 12/25/06 Time: 20:43

Sample (adjusted): 1991 2005

Included observations: 15 after adjustments

Standard errors in ( ) & t-statistics in [ ]

Cointegrating Eq:

CointEq1

DLNIPR1(-1)

1.000000

DLNFDI(-1)

-0.041770

(0.16484)

[-0.25340]

C

-0.152471

Error Correction:

D(DLNIPR1)

D(DLNFDI)

CointEq1

-1.581956

0.496238

(0.48499)

(0.59761)

[-3.26183]

[ 0.83037]

D(DLNIPR1(-1))

0.184126

-0.583360

(0.34113)

(0.42034)

[ 0.53976]

[-1.38783]

D(DLNIPR1(-2))

0.257127

-0.026892

(0.25105)

(0.30935)

[ 1.02420]

[-0.08693]

D(DLNFDI(-1))

0.577210

0.493274

(0.22370)

(0.27565)

[ 2.58030]

[ 1.78952]

D(DLNFDI(-2))

-0.174298

-0.682121

(0.27297)

(0.33636)

[-0.63851]

[-2.02792]

C

-0.008618

-0.031088

(0.05323)

(0.06559)

[-0.16191]

[-0.47398]

R-squared

0.795377

0.512457

Adj. R-squared

0.681697

0.241600

Sum sq. resids

0.366456

0.556412

S.E. equation

0.201785

0.248644

F-statistic

6.996652

1.891983

Log likelihood

6.555380

3.423140

Akaike AIC

-0.074051

0.343581

Schwarz SC

0.209169

0.626801

Mean dependent

-0.010595

-0.002178

S.D. dependent

0.357659

0.285514

Determinant resid covariance (dof adj.)

0.002347

Determinant resid covariance

0.000845

Log likelihood

10.50491

Akaike information criterion

0.466012

Schwarz criterion

1.126859