Cointegration equation

Cointegration equation 1


Lnprivate (−1)

1
   
Lngoverment (−1)

−0.66
   
(0.18)

[−3.57]

Lncharity (−1)

−0.21
   
(0.09)

[−2.36]

Lnsale (−1)

0.16
   
(0.21)

[0.75]

Intercept

−3.34
   
Error Correction

D(Lnprivate)

D(Lngoverment)

D(Lncharity)

D(Lnsale)

Cointegration equation 1

−0.08

0.01

0.14

−0.00

(0.03)

(0.01)

(0.05)

(0.01)

[−2.99]

[1.63]

[3.08]

[−0.47]

D(lnprivate(−1))

−0.20

−0.01

−0.21

0.01

(0.06)

(0.01)

(0.10)

(0.01)

[−3.38]

[−0.74]

[−2.00]

[1.05]

D(lngoverment(−1))

0.10

−0.16

−0.04

−0.08

(0.30)

(0.07)

(0.52)

(0.07)

[0.34]

[−2.45]

[−0.07]

[−1.17]

D(lncharity(−1))

−0.01

−0.00

−0.11

0.01

(0.04)

(0.01)

(0.06)

(0.01)

[−0.34]

[−0.12]

[−1.82]

[1.60]

D(lnsale(−1))

0.30

0.02

0.18

0.16

(0.26)

(0.06)

(0.44)

(0.06)

[1.16]

[0.40]

[0.40]

[2.55]

Intercept

0.06

0.04

0.15

0.06

(0.03)

(0.01)

(0.05)

(0.01)

[2.10]

[5.91]

[3.05]

[7.98]

R^{2}

0.10

0.04

0.06

0.05

Adj. R^{2}

0.08

0.02

0.04

0.03

Sum sq. resids

27.97

1.30

81.67

1.53

SE equation

0.34

0.07

0.58

0.08

Fstatistic

5.49

1.82

2.95

2.30

Log likelihood

−80.96

302.94

−214.88

281.99

Akaike information criterion

0.70

−2.38

1.77

−2.21

Schwarz SC

0.78

−2.29

1.85

−2.12

Mean dependent

0.07

0.03

0.14

0.07

SD dependent

0.35

0.07

0.59

0.08

Determinant resid covariance (dof adj.)

1.23 × 10^{–06}
  
Determinant resid covariance

1.12 × 10^{–06}
  
Log likelihood

294.17
  
Akaike information criterion

−2.13
  
Schwarz criterion

−1.73
  
 Standard errors in () & tstatistics in []
 Sample adjusted for a period between 1984 and 2008
 There are 250 observations included after adjustments
 D(lngoverment): first difference of log government expenditure; D(lncharity): first difference of log charity expenditure; D(lnprivate): first difference of log private sector expenditure; D(lnsale): first difference of log sales; Lngoverment (1): log government expenditure with one year lag; Lncharity (1): log charity expenditure with one year lag; Lnprivate (−1): log private sector expenditure with one year lag Lnsale (−1): log sales with one year lag; D(lngoverment(−1)): first difference of log government expenditure with one year lag; D(lncharity(−1)): first difference of log charity expenditure with one year lag; D(lnprivate(−1)): first difference of log private sector expenditure with one year lag; D(lnsale(−1)): first difference of sales with one year lag