Date: 08/26/09   Time: 10:04   
Sample (adjusted): 1997 2007   
Included observations: 11 after adjustments   
Trend assumption: Quadratic deterministic trend   
Series: ZHENSHIDSCY ZHENSHIRENMINBIWANGANG     
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 0.7834545647725843 17.78058760733161 18.39771484783471 0.0608465170027904
At most 1 0.08282974994348944 0.9510838055027243 3.841465500940405 0.3294427552089705
   
Trace test indicates no cointegration 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 0.7834545647725843 16.82950380182889 17.14768783746055 0.0555511598127803
At most 1 0.08282974994348944 0.9510838055027243 3.841465500940405 0.3294427552089705
   
Max-eigenvalue test indicates no cointegration 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):     
   
ZHENSHIDSCY ZHENSHIRENMINBIWANGANG   
-5.918561171214497e-05 2.928461146866971e-05   
0.0001294723515787947 1.001991625248531e-06   
   
   
Unrestricted Adjustment Coefficients (alpha):     
   
D(ZHENSHIDSCY) 1016.569996428079 -710.6341576699783  
D(ZHENSHIRENMINBIWANGANG) -54060.4764696416 -13358.29631921936  
   
   
1 Cointegrating Equation(s):   Log likelihood -233.2780856090508
   
Normalized cointegrating coefficients (standard error in parentheses)   
ZHENSHIDSCY ZHENSHIRENMINBIWANGANG   
1 -0.4947927481276758   
0.09809531256476564   
   
Adjustment coefficients (standard error in parentheses)   
D(ZHENSHIDSCY) -0.06016631708680872   
0.06104295122045859   
D(ZHENSHIRENMINBIWANGANG) 3.199602369305753   
1.315051185420449