Vector Error  Correction Estimates

Date:  02/15/15   Time: 13:43

Sample  (adjusted): 8/24/2010 12/31/2014

Included  observations: 1050 after adjustments

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

Cointegrating  Eq:

CointEq1

A(-1)

1.000000

B(-1)

0.133400

(0.01935)

[ 6.89236]

C

-7.875813

Error Correction:

D(A)

D(B)

CointEq1

0.003978

-0.394987

(0.00178)

(0.07443)

[ 2.23767]

[-5.30687]

D(A(-1))

0.006543

-1.537370

(0.03116)

(1.30456)

[ 0.21001]

[-1.17846]

D(B(-1))

-0.001034

0.095731

(0.00075)

(0.03129)

[-1.38359]

[ 3.05969]

C

0.000207

0.006510

(0.00036)

(0.01492)

[ 0.58191]

[ 0.43645]

R-squared

0.005944

0.033467

Adj. R-squared

0.003092

0.030695

Sum sq. resids

0.139290

244.1791

S.E. equation

0.011540

0.483157

F-statistic

2.084697

12.07283

Log likelihood

3197.179

-724.0977

Akaike AIC

-6.082247

1.386853

Schwarz SC

-6.063365

1.405735

Mean dependent

0.000199

0.007090

S.D. dependent

0.011558

0.490748