Date: 04/18/14   Time: 16:13

Sample (adjusted): 1980 2012

Included observations: 33 after  adjustments

Trend assumption: Linear  deterministic trend

Series: LNCZSR LNCZZC LNGDP

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 *

0.447334

31.93506

29.79707

0.0279

At most 1

0.285323

12.36604

15.49471

0.1402

At most 2

0.038060

1.280519

3.841466

0.2578

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