Date: 04/23/14   Time: 19:09   
Sample (adjusted): 1993 2012   
Included observations: 20 after adjustments   
Trend assumption: Linear deterministic trend   
Series: LNI LNM LNR     
Lags interval (in first differences): 1 to 1   
   
Unrestricted Cointegration Rank Test (Trace)   
   
Hypothesized  Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
   
None *  0.942080  62.76340  29.79707  0.0000
At most 1  0.236579  5.789564  15.49471  0.7202
At most 2  0.019344  0.390664  3.841466  0.5319
   
Trace test indicates 1 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 *  0.942080  56.97383  21.13162  0.0000
At most 1  0.236579  5.398900  14.26460  0.6909
At most 2  0.019344  0.390664  3.841466  0.5319
   
Max-eigenvalue test indicates 1 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):     
   
LNI LNM LNR  
2.971531  15.26281  31.58521  
3.590706  16.27321  11.12387  
-0.249162 -7.837917 -17.59201  
   
   
Unrestricted Adjustment Coefficients (alpha):     
   
D(LNI) -0.131504 -0.081883 -0.017392
D(LNM)  0.021208 -0.002101  0.011971
D(LNR) -0.053403 -0.005467 -0.003329
   
   
1 Cointegrating Equation(s):   Log likelihood  90.91965
   
Normalized cointegrating coefficients (standard error in parentheses)   
LNI LNM LNR  
1.000000  5.136346  10.62927  
  (0.14609)  (0.50727)  
   
Adjustment coefficients (standard error in parentheses)   
D(LNI) -0.390769   
  (0.16283)   
D(LNM)  0.063020   
  (0.06625)   
D(LNR) -0.158689   
  (0.02269)   
   
   
2 Cointegrating Equation(s):   Log likelihood  93.61910
   
Normalized cointegrating coefficients (standard error in parentheses)   
LNI LNM LNR  
1.000000  0.000000 -53.38332  
   (15.1002)  
0.000000  1.000000  12.46267  
   (2.94873)  
   
Adjustment coefficients (standard error in parentheses)   
D(LNI) -0.684787 -3.339625  
  (0.23562)  (1.12791)  
D(LNM)  0.055476  0.289502  
  (0.10387)  (0.49724)  
D(LNR) -0.178318 -0.904042  
  (0.03498)  (0.16742)