Variables

With Constant

With Constant and Trend

Lag Order (SIC)

t-statistic

p-value

Lag Order (SIC)

t-statistic

p-value

LNINDEX

0

−1.248904

0.6531

0

−1.970714

0.6134

Δ(LNINDEX)

0

−13.34354^*

0.0000

0

−13.30675^*

0.0000

YTB

0

−1.999862

0.2869

0

−2.230400

0.4698

Δ(YTB)

0

−14.17333^*

0.0000

0

−14.16484^*

0.0000

YLGB

0

−0.714610

0.8395

0

−1.983370

0.6066

Δ(YLGB)

0

−15.28190^*

0.0000

0

−15.26461^*

0.0000

LNIIP

12

1.810045

0.9998

8

−2.745414

0.2197

Δ(LNIIP)

12

−3.499844^*

0.0090

0

−23.74749^*

0.0000

LNWPI

1

−2.127308

0.2343

1

−3.381787

0.0567

Δ(LNWPI)

0

−9.760308^*

0.0000

0

−9.941319^*

0.0000

LNM3

7

0.210015

0.9727

7

−1.838127

0.6825

Δ(LNM3)

6

−6.437581^*

0.0000

6

−6.427127^*

0.0000

LNEX

6

−2.249116

0.1898

0

−2.992107

0.1370

Δ(LNEX)

6

−6.390432^*

0.0000

0

−12.98763^*

0.0000