Breusch-Godfrey Serial Correlation LM Test:

F-statistic

9.861407

Prob. F(2,20)

0.0010

Obs*R-squared

10.84883

Prob. Chi-Square(2)

0.0044

Test Equation:

Dependent Variable: RESID

Method: Least Squares

Date: 12/27/13 Time: 16:28

Sample: 1988 2012

Included observations: 25

Presample missing value lagged residuals set to zero.

Variable

Coefficient

Std. Error

t-Statistic

Prob.

X3

-0.266456

0.111673

-2.386032

0.0270

X4

0.927186

0.990894

0.935707

0.3606

X5

0.000101

0.003383

0.029882

0.9765

RESID(-1)

0.528614

0.260062

2.032641

0.0556

RESID(-2)

0.748474

0.182794

4.094642

0.0006

R-squared

0.433953

Mean dependent var

-68.48699

Adjusted R-squared

0.320744

S.D. dependent var

198.3017

S.E. of regression

163.4343

Akaike infocriterion

13.20756

Sum squared resid

534215.4

Schwarz criterion

13.45133

Log likelihood

-160.0944

Hannan-Quinncriter.

13.27517

Durbin-Watson stat

1.832813