[HELP]请帅哥美女进来赐教吧2：确定协整系数向量？

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收藏 2008-04-01

在进行协整检验时，我发现上述变量存在两个2个协整关系，那么最后应该怎么取舍协整向量？是按照最大特征值所对应的那个系数吗？&nbsp;<table class="MsoNormalTable" cellspacing="0" cellpadding="0" border="0" style="MARGIN: auto auto auto 3pt; BORDER-COLLAPSE: collapse; mso-padding-alt: 0cm 1.5pt 0cm 1.5pt; mso-table-layout-alt: fixed;"><tbody><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"><td valign="bottom" width="398" colspan="4" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 298.8pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Unrestricted Cointegration Rank Test (Trace)</td><td valign="bottom" width="200" colspan="2" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 150.15pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">在1%置信水平下</td></tr><tr style="HEIGHT: 5.1pt; mso-yfti-irow: 1; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 7.65pt; mso-yfti-irow: 2; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 3;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Hypothesized</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Trace</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">0.01</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 4;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">No. of CE(s)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Eigenvalue</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Statistic</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Critical Value</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Prob.**</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 5.1pt; mso-yfti-irow: 5; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 7.65pt; mso-yfti-irow: 6; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 7;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">None *</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.534794</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;163.8136</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;85.33651</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.0000</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 8;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">At most 1 *</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.287309</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;74.27641</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;61.26692</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.0003</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">At most 2</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.140558</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;34.64766</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;41.19504</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.0572</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr></tbody></table>&nbsp;<table class="MsoNormalTable" cellspacing="0" cellpadding="0" border="0" style="MARGIN: auto auto auto 3pt; BORDER-COLLAPSE: collapse; mso-padding-alt: 0cm 1.5pt 0cm 1.5pt; mso-table-layout-alt: fixed;"><tbody><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"><td valign="bottom" width="499" colspan="5" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 373.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Unrestricted Cointegration Rank Test (Maximum Eigenvalue)</td></tr><tr style="HEIGHT: 5.1pt; mso-yfti-irow: 1; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 7.65pt; mso-yfti-irow: 2; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 3;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Hypothesized</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Max-Eigen</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">0.01</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 4;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">No. of CE(s)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Eigenvalue</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Statistic</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Critical Value</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Prob.**</td></tr><tr style="HEIGHT: 5.1pt; mso-yfti-irow: 5; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 7.65pt; mso-yfti-irow: 6; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 7;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">None *</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.534794</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;89.53723</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;40.29526</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.0000</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 8;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">At most 1 *</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.287309</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;39.62874</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;33.73292</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.0013</td></tr><tr style="HEIGHT: 5.1pt; mso-yfti-irow: 9; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 7.65pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr></tbody></table>&nbsp;<table class="MsoNormalTable" cellspacing="0" cellpadding="0" border="0" style="MARGIN: auto auto auto 3pt; BORDER-COLLAPSE: collapse; mso-padding-alt: 0cm 1.5pt 0cm 1.5pt; mso-table-layout-alt: fixed;"><tbody><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"><td valign="bottom" width="198" colspan="2" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 148.65pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">1 Cointegrating Equation(s):&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Log likelihood</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;1128.330</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 5.1pt; mso-yfti-irow: 1; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 5.1pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 7.65pt; mso-yfti-irow: 2; mso-height-rule: exactly;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 7.65pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 3;"><td valign="bottom" width="499" colspan="5" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 373.9pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Normalized cointegrating coefficients (standard error in parentheses)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 4;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">LSHP</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">LIP</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">LM1</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">LRATE</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">LCPI</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">C</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 5;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;1.000000</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;4.543058</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">-4.696788</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">-0.920208</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">-27.70658</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;138.2396</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 6;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(0.80888)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(1.14172)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(0.33705)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(5.75303)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(24.9823)</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 7;"><td valign="bottom" width="398" colspan="4" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 298.8pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">Adjustment coefficients (standard error in parentheses)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 8;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">D(LSHP)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.019479</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td width="300" colspan="3" rowspan="10" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 225.2pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">大侠们，我该怎么得到协整系数向量？？</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 9;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(0.00866)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 10;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">D(LIP)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.062496</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 11;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(0.00967)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 12;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">D(LM1)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;0.018722</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 13;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(0.00211)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 14;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">D(LRATE)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">-0.016097</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 15;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(0.01500)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 16;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">D(LCPI)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">-0.000159</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr><tr style="HEIGHT: 13.6pt; mso-yfti-irow: 17; mso-yfti-lastrow: yes;"><td valign="bottom" width="98" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 73.6pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.05pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;(0.00081)</td><td valign="bottom" width="100" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 75.1pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.6pt; BACKGROUND-COLOR: transparent;">&nbsp;</td></tr></tbody></table>