Cointegration equation

Cointegration equation 1
  

Lnprivate (−1)

1
  
Lnpublic (−1)

−0.81
  
(0.14)

[−5.81]

Lnsale (−1)

0.12
  
(0.20)

[0.63]

Intercept

−2.55
  
Error correction

D(lnprivate)

D(lnpublic)

D(lnsale)

Cointegration equation 1

−0.10

0.02

−0.00

(0.03)

(0.01)

(0.01)

[−3.58]

[2.70]

[−0.49]

D(lnprivate(−1))

−0.20

−0.02

0.01

(0.06)

(0.01)

(0.01)

[−3.45]

[−1.72]

[0.87]

D(lnpublic(−1))

0.29

0.04

−0.01

(0.27)

(0.06)

(0.06)

[1.08]

[0.67]

[−0.16]

D(lnsale(−1))

0.28

0.07

0.15

(0.26)

(0.06)

(0.06)

[1.10]

[1.09]

[2.52]

Intercept

0.05

0.04

0.06

(0.03)

(0.01)

(0.01)

[1.71]

[6.22]

[7.72]

R^{2}

0.12

0.04

0.03

Adj. R^{2}

0.10

0.02

0.01

Sum sq. resids

27.52

1.57

1.56

SE equation

0.34

0.08

0.08

Fstatistic

8.00

2.57

1.87

Log likelihood

−78.92

279.44

280.00

IC

0.67

−2.20

−2.20

Schwarz SC

0.74

−2.13

−2.13

Mean dependent

0.07

0.05

0.07

SD dependent

0.35

0.08

0.08

Determinant resid covariance (dof adj.)

4.48 × 10^{–06}
  
Determinant resid covariance

4.22 × 10^{–06}
  
Log likelihood

482.77
  
Akaike information criterion

−3.72
  
Schwarz criterion

−3.46
  
 Standard errors in () & tstatistics in []
 Sample adjusted for a period between 1984 and 2008
 There are 250 observations included after adjustments
 D(lnprivate): first difference of log private sector expenditure; D(lnpublic): first difference of log public sector expenditure; D(lnsale): first difference of log sales; Lnprivate (−1): log private sector expenditure with one year lag; Lnpublic (−1): log public sector expenditure with one year lag; Lnsale (−1): log sales with one year lag; D(lnprivate(−1)): first difference of log private expenditure with one year lag; D(lnpublic(−1)): first difference of log public expenditure with one year lag; D(lnsale(−1)): first difference of sales with one year lag