Date: 02/03/15   Time: 14:32

Sample (adjusted):  2009M10 2014M10

Included observations:  61 after adjustments

Trend assumption: Linear  deterministic trend

Series: Y SHIBOR M1 CPI  BOND BANKY

Lags interval (in first  differences): 1 to 3

Unrestricted  Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.490597

128.4475

95.75366

0.0001

At most 1 *

0.471650

87.30209

69.81889

0.0011

At most 2 *

0.306126

48.38433

47.85613

0.0446

At most 3

0.266319

26.09096

29.79707

0.1260

At most 4

0.111338

7.200409

15.49471

0.5545

At most 5

1.22E-06

7.42E-05

3.841466

0.9942

Trace test  indicates 3 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 *

0.490597

41.14541

40.07757

0.0378

At most 1 *

0.471650

38.91775

33.87687

0.0115

At most 2

0.306126

22.29338

27.58434

0.2057

At most 3

0.266319

18.89055

21.13162

0.1001

At most 4

0.111338

7.200335

14.26460

0.4657

At most 5

1.22E-06

7.42E-05

3.841466

0.9942

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