| Date: 04/18/14 Time: 16:13 |
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| Sample (adjusted): 1980 2012 |
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| Included observations: 33 after adjustments |
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| Trend assumption: Linear deterministic trend |
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| Series: LNCZSR LNCZZC LNGDP |
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| Lags interval (in first differences): 1 to 1 |
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| Unrestricted Cointegration Rank Test (Trace) |
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| Hypothesized |
| Trace | 0.05 |
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| No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
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| 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 |
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| 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 |
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