1 Cointegrating Equation(s):

Log likelihood

-11.09183

Normalized cointegrating coefficients (standard error in parentheses)

LITR
PT2
PT
1.000000
-0.106749
2.817905
(0.02913)
(0.84730)
Adjustment coefficients (standard error in parentheses)
D(LITR)
0.246353
(0.08501)
D(PT2)
78.28861
(21.5901)
D(PT)
2.532210
(0.72760)

Unrestricted Cointegration Rank Test (Trace)

Hypothesized
No. of CE(s)

Eigenvalue

Trace
Statistic

0.05
Critical Value

Prob.**

None
At most 1
At most 2

0.467608
0.256286
0.048198

23.42095
8.291944
1.185568

29.79707
15.49471
3.841466

0.2260
0.4347
0.2762

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
No. of CE(s)

Eigenvalue

Max-Eigen
Statistic

0.05
Critical Value

Prob.**

None
At most 1
At most 2

0.467608
0.256286
0.048198

15.12900
7.106376
1.185568

21.13162
14.26460
3.841466

0.2800
0.4767
0.2762

Max-eigenvalue test indicates no cointegration at the 0.05 level

* denotes rejection of the hypothesis at the 0.05 level

Dependent Variable: LOG(ITR)

Method: Least Squares
Date: 07/05/16 Time: 19:29
Sample: 1990 2015
Included observations: 26
Variable

Coefficient

Std. Error

t-Statistic

Prob.

PT^2
PT

-0.017555
0.760344

0.001824
0.026774

-9.627085
28.39900

0.0000
0.0000

R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat

0.822260
0.814854
0.204849
1.007111
5.370738
1.326135

Mean dependent var

S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.

7.227663
0.476076
-0.259288
-0.162511
-0.231419

Heteroskedasticity Test: White

F-statistic
Obs*R-squared
Scaled explained SS

21.15553
19.30733
27.98005

Prob. F(3,22)
Prob. Chi-Square(3)
Prob. Chi-Square(3)

0.0000
0.0002
0.0000

LOG ( ITR ) 0.0175550751373* PT 2 0.760344315462* PT

LOG ( ITR ) 0.106749* PT 2 2.817905* PT