YEAR Real GDP MCAP/GDP CPS/GDP M2/GDP

1998 22332 1.20 1.58 2.19

1999 22449 1.30 1.92 2.80
2000 23688 2.00 2.24 3.71
2001 25268 2.62 3.03 5.02
2002 28958 2.64 3.21 5.20
2003 31709 4.29 3.46 6.16
2004 35020 6.03 4.06 6.09
2005 37475 7.73 4.91 7.04
2006 39996 12.8 5.73 9.50
2007 42922 30.97 8.54 11.95
2008 46012 20.20 15.04 17.41
2009 49856 14.10 18.26 18.88
2010 54612 18.16 18.60 20.21
2011 57511 17.87 18.54 21.17
2012 59930 24.70 24.44 23.18
2013 63219 30.10 24.90 23.97
2014 67153 25.14 25.50 24.18
2015 69024 24.60 27.06 26.84
2016 67931 23.77 31.04 31.83
2017 68491 33.50 32.26 32.65
2018 69800 31.50 32.27 35.93
REGRESSION ANALYSIS using OLS
UNIT ROOT TEST
STATIONARITY TEST using Augmented Dickey Fuller Test
Johansen Co-integration test
GRANGER CAUSALITY TEST

MODEL :
RGDP= f(MCAP, CPS,BM)…………………………………………..............(1)

It is empirically stated as
RGDP=ßO+ ß1MCAP+ß2CPS + ß3BM +µ…………………………............(2)

HYPOTHESIS
 Hypothesis I
 H01: Financial sector development has no significant effect on economic
growth in Nigeria
 HA1: There is a significant relationship between the financial sector
development and economic growth in Nigeria
 Hypothesis II
 H02.1 :There is no causality between credits to private sector and Gross
Domestic product in Nigeria.
 HA2.1 :There is causality between credits to private sector and Gross domestic
Product in Nigeria.
 H02.2 :There is no causality between broad money and Gross Domestic product
in Nigeria.
 HA2.2 :There is causality between broad money and Gross domestic Product in
Nigeria.
 H02.3 :There is no causality between total market capitalization and Gross
Domestic product in Nigeria.
 HA2.3 :There is causality between total market capitalization and Gross
domestic Product in Nigeria.
DESCRIPTIVE STATISTICS OF THE VARIABLES

RGDP MCAP CPS M2

 Mean  46826.48  15.96286  14.59952  15.99571
 Median  46012.00  17.87000  15.04000  17.41000
 Maximum  69800.00  33.50000  32.27000  35.93000
 Minimum  22332.00  1.200000  1.580000  2.190000
 Std. Dev.  17326.90  11.39333  11.41846  10.87753
 Skewness -0.041265  0.034788  0.253871  0.282893
 Kurtosis  1.531107  1.539248  1.495125  1.758123

 Jarque-Bera  1.893901  1.871309  2.207145  1.629575

 Probability  0.387922  0.392329  0.331684  0.442733

 Sum  983356.0  335.2200  306.5900  335.9100

 Sum Sq. Dev.  6.00E+09  2596.159  2607.625  2366.411

 Observations  21  21  21  21

Source: EViews ver. 10

 COMPUTING MULTIPLE REGRESSION ANALYSIS

Dependent Variable: RGDP

Method: Least Squares
Date: 11/26/20 Time: 04:42
Sample: 1998 2018
Included observations: 21

Variable Coefficient Std. Error t-Statistic Prob.

MCAP 304.9532 163.1367 1.869311 0.0789

CPS 941.9149 595.6029 1.581448 0.1322
M2 284.5614 656.6398 0.433360 0.6702
C 23655.28 1946.979 12.14974 0.0000

R-squared 0.958200    Mean dependent var 46826.48

Adjusted R-squared 0.950824    S.D. dependent var 17326.90
S.E. of regression 3842.358    Akaike info criterion 19.51520
Sum squared resid 2.51E+08    Schwarz criterion 19.71416
Log likelihood -200.9096    Hannan-Quinn criter. 19.55838
F-statistic 129.9005    Durbin-Watson stat 0.751463
Prob(F-statistic) 0.000000
COMPUTING UNIT ROOT TEST FOR EACH VARIABLES

RGDP AT LEVEL
Null Hypothesis: RGDP has a unit root
Exogenous: Constant
Lag Length: 1 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -1.494310  0.5147

Test critical values: 1% level -3.831511
5% level -3.029970
10% level -2.655194

*MacKinnon (1996) one-sided p-values.

Warning: Probabilities and critical values calculated for 20 observations
        and may not be accurate for a sample size of 19

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(RGDP)
Method: Least Squares
Date: 11/26/20 Time: 05:11
Sample (adjusted): 2000 2018
Included observations: 19 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

RGDP(-1) -0.023756 0.015898 -1.494310 0.1546

D(RGDP(-1)) 0.541943 0.181293 2.989315 0.0087
C 2289.867 897.7721 2.550610 0.0214

R-squared 0.408494    Mean dependent var 2492.158

Adjusted R-squared 0.334556    S.D. dependent var 1360.802
S.E. of regression 1110.071    Akaike info criterion 17.00617
Sum squared resid 19716123    Schwarz criterion 17.15530
Log likelihood -158.5587    Hannan-Quinn criter. 17.03141
F-statistic 5.524809    Durbin-Watson stat 1.912460
Prob(F-statistic) 0.014985
RGDP AT FIRST DIFFERENCING

Null Hypothesis: D(RGDP) has a unit root

Exogenous: Constant
Lag Length: 0 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -2.459515  0.1402

Test critical values: 1% level -3.831511
5% level -3.029970
10% level -2.655194

*MacKinnon (1996) one-sided p-values.

Warning: Probabilities and critical values calculated for 20 observations
        and may not be accurate for a sample size of 19

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(RGDP,2)
Method: Least Squares
Date: 11/26/20 Time: 05:13
Sample (adjusted): 2000 2018
Included observations: 19 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

D(RGDP(-1)) -0.461738 0.187735 -2.459515 0.0249

C 1184.492 526.8547 2.248233 0.0381

R-squared 0.262448    Mean dependent var 62.73684

Adjusted R-squared 0.219062    S.D. dependent var 1300.908
S.E. of regression 1149.622    Akaike info criterion 17.03155
Sum squared resid 22467707    Schwarz criterion 17.13097
Log likelihood -159.7998    Hannan-Quinn criter. 17.04838
F-statistic 6.049212    Durbin-Watson stat 1.717111
Prob(F-statistic) 0.024926
RGDP AT SECOND DIFFERENCING

Null Hypothesis: D(RGDP,2) has a unit root

Exogenous: Constant
Lag Length: 1 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -3.665633  0.0155

Test critical values: 1% level -3.886751
5% level -3.052169
10% level -2.666593

*MacKinnon (1996) one-sided p-values.

Warning: Probabilities and critical values calculated for 20 observations
        and may not be accurate for a sample size of 17

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(RGDP,3)
Method: Least Squares
Date: 11/26/20 Time: 05:15
Sample (adjusted): 2002 2018
Included observations: 17 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

D(RGDP(-1),2) -1.387832 0.378606 -3.665633 0.0025

D(RGDP(-1),3) 0.332618 0.262759 1.265869 0.2262
C -41.82105 332.0939 -0.125931 0.9016

R-squared 0.562828    Mean dependent var 24.00000

Adjusted R-squared 0.500375    S.D. dependent var 1932.934
S.E. of regression 1366.279    Akaike info criterion 17.43635
Sum squared resid 26134039    Schwarz criterion 17.58339
Log likelihood -145.2090    Hannan-Quinn criter. 17.45097
F-statistic 9.012004    Durbin-Watson stat 1.956468
Prob(F-statistic) 0.003052
MCAP AT LEVEL

Null Hypothesis: MCAP has a unit root

Exogenous: Constant
Lag Length: 0 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -1.149571  0.6745

Test critical values: 1% level -3.808546
5% level -3.020686
10% level -2.650413

*MacKinnon (1996) one-sided p-values.

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(MCAP)
Method: Least Squares
Date: 11/26/20 Time: 05:16
Sample (adjusted): 1999 2018
Included observations: 20 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

MCAP(-1) -0.141862 0.123404 -1.149571 0.2654

C 3.669312 2.301241 1.594492 0.1282

R-squared 0.068396    Mean dependent var 1.515000

Adjusted R-squared 0.016640    S.D. dependent var 6.023239
S.E. of regression 5.972915    Akaike info criterion 6.506987
Sum squared resid 642.1628    Schwarz criterion 6.606560
Log likelihood -63.06987    Hannan-Quinn criter. 6.526424
F-statistic 1.321514    Durbin-Watson stat 2.157422
Prob(F-statistic) 0.265366
MCAP AT 1ST DIFFERENCING

Null Hypothesis: D(MCAP) has a unit root

Exogenous: Constant
Lag Length: 0 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -4.866088  0.0012

Test critical values: 1% level -3.831511
5% level -3.029970
10% level -2.655194

*MacKinnon (1996) one-sided p-values.

Warning: Probabilities and critical values calculated for 20 observations
        and may not be accurate for a sample size of 19

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(MCAP,2)
Method: Least Squares
Date: 11/26/20 Time: 05:17
Sample (adjusted): 2000 2018
Included observations: 19 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

D(MCAP(-1)) -1.172186 0.240889 -4.866088 0.0001

C 1.882190 1.494383 1.259510 0.2249

R-squared 0.582092    Mean dependent var -0.110526

Adjusted R-squared 0.557509    S.D. dependent var 9.417491
S.E. of regression 6.264513    Akaike info criterion 6.606979
Sum squared resid 667.1500    Schwarz criterion 6.706394
Log likelihood -60.76630    Hannan-Quinn criter. 6.623804
F-statistic 23.67882    Durbin-Watson stat 2.112617
Prob(F-statistic) 0.000145
MCAP 2ND DIFFERENCING

Null Hypothesis: D(MCAP,2) has a unit root

Exogenous: Constant
Lag Length: 1 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -5.117566  0.0009

Test critical values: 1% level -3.886751
5% level -3.052169
10% level -2.666593

*MacKinnon (1996) one-sided p-values.

Warning: Probabilities and critical values calculated for 20 observations
        and may not be accurate for a sample size of 17

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(MCAP,3)
Method: Least Squares
Date: 11/26/20 Time: 05:18
Sample (adjusted): 2002 2018
Included observations: 17 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

D(MCAP(-1),2) -2.118548 0.413976 -5.117566 0.0002

D(MCAP(-1),3) 0.480304 0.253117 1.897556 0.0786
C 0.158627 2.080199 0.076256 0.9403

R-squared 0.765885    Mean dependent var -0.685294

Adjusted R-squared 0.732440    S.D. dependent var 16.55149
S.E. of regression 8.561454    Akaike info criterion 7.291202
Sum squared resid 1026.179    Schwarz criterion 7.438240
Log likelihood -58.97522    Hannan-Quinn criter. 7.305818
F-statistic 22.89987    Durbin-Watson stat 2.192803
Prob(F-statistic) 0.000039
CPS AT LEVEL

Null Hypothesis: CPS has a unit root

Exogenous: Constant
Lag Length: 0 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic  0.414776  0.9783

Test critical values: 1% level -3.808546
5% level -3.020686
10% level -2.650413

*MacKinnon (1996) one-sided p-values.

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(CPS)
Method: Least Squares
Date: 11/26/20 Time: 05:19
Sample (adjusted): 1999 2018
Included observations: 20 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

CPS(-1) 0.017216 0.041508 0.414776 0.6832

C 1.298360 0.721467 1.799612 0.0887

R-squared 0.009467    Mean dependent var 1.534500

Adjusted R-squared -0.045562    S.D. dependent var 1.938202
S.E. of regression 1.981864    Akaike info criterion 4.300593
Sum squared resid 70.70016    Schwarz criterion 4.400166
Log likelihood -41.00593    Hannan-Quinn criter. 4.320030
F-statistic 0.172039    Durbin-Watson stat 1.706447
Prob(F-statistic) 0.683208
CPS AT 1ST DIFFERENCING

Null Hypothesis: D(CPS) has a unit root

Exogenous: Constant
Lag Length: 0 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -3.531620  0.0185

Test critical values: 1% level -3.831511
5% level -3.029970
10% level -2.655194

*MacKinnon (1996) one-sided p-values.

Warning: Probabilities and critical values calculated for 20 observations
        and may not be accurate for a sample size of 19

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(CPS,2)
Method: Least Squares
Date: 11/26/20 Time: 05:19
Sample (adjusted): 2000 2018
Included observations: 19 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

D(CPS(-1)) -0.853173 0.241581 -3.531620 0.0026

C 1.360281 0.603239 2.254961 0.0376

R-squared 0.423188    Mean dependent var -0.017368

Adjusted R-squared 0.389258    S.D. dependent var 2.566472
S.E. of regression 2.005697    Akaike info criterion 4.329161
Sum squared resid 68.38797    Schwarz criterion 4.428576
Log likelihood -39.12703    Hannan-Quinn criter. 4.345986
F-statistic 12.47234    Durbin-Watson stat 1.903368
Prob(F-statistic) 0.002562
CPS AT 2ND DIFFERENCING

Null Hypothesis: D(CPS,2) has a unit root

Exogenous: Constant
Lag Length: 2 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -5.366182  0.0006

Test critical values: 1% level -3.920350
5% level -3.065585
10% level -2.673460

*MacKinnon (1996) one-sided p-values.

Warning: Probabilities and critical values calculated for 20 observations
        and may not be accurate for a sample size of 16

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(CPS,3)
Method: Least Squares
Date: 11/26/20 Time: 05:20
Sample (adjusted): 2003 2018
Included observations: 16 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

D(CPS(-1),2) -3.047106 0.567835 -5.366182 0.0002

D(CPS(-1),3) 1.367487 0.406784 3.361701 0.0057
D(CPS(-2),3) 0.622996 0.246783 2.524472 0.0267
C 0.225446 0.543242 0.415000 0.6855

R-squared 0.811594    Mean dependent var -0.037500

Adjusted R-squared 0.764492    S.D. dependent var 4.442622
S.E. of regression 2.155966    Akaike info criterion 4.586673
Sum squared resid 55.77829    Schwarz criterion 4.779820
Log likelihood -32.69338    Hannan-Quinn criter. 4.596564
F-statistic 17.23072    Durbin-Watson stat 1.717281
Prob(F-statistic) 0.000120
M2 AT LEVEL

Null Hypothesis: M2 has a unit root

Exogenous: Constant
Lag Length: 0 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic  1.345694  0.9979

Test critical values: 1% level -3.808546
5% level -3.020686
10% level -2.650413

*MacKinnon (1996) one-sided p-values.

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(M2)
Method: Least Squares
Date: 11/26/20 Time: 05:21
Sample (adjusted): 1999 2018
Included observations: 20 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

M2(-1) 0.044744 0.033250 1.345694 0.1951

C 1.015886 0.597041 1.701534 0.1061

R-squared 0.091409    Mean dependent var 1.687000

Adjusted R-squared 0.040932    S.D. dependent var 1.498951
S.E. of regression 1.467953    Akaike info criterion 3.700255
Sum squared resid 38.78795    Schwarz criterion 3.799828
Log likelihood -35.00255    Hannan-Quinn criter. 3.719692
F-statistic 1.810892    Durbin-Watson stat 1.863296
Prob(F-statistic) 0.195108
M2 AT 1ST DIFFERENCING

Null Hypothesis: D(M2) has a unit root

Exogenous: Constant
Lag Length: 0 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -3.462724  0.0213

Test critical values: 1% level -3.831511
5% level -3.029970
10% level -2.655194

*MacKinnon (1996) one-sided p-values.

Warning: Probabilities and critical values calculated for 20 observations
        and may not be accurate for a sample size of 19

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(M2,2)
Method: Least Squares
Date: 11/26/20 Time: 05:21
Sample (adjusted): 2000 2018
Included observations: 19 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

D(M2(-1)) -0.844939 0.244010 -3.462724 0.0030

C 1.495097 0.527670 2.833394 0.0115

R-squared 0.413600    Mean dependent var 0.140526

Adjusted R-squared 0.379106    S.D. dependent var 1.958989
S.E. of regression 1.543621    Akaike info criterion 3.805440
Sum squared resid 40.50703    Schwarz criterion 3.904855
Log likelihood -34.15168    Hannan-Quinn criter. 3.822265
F-statistic 11.99046    Durbin-Watson stat 1.976770
Prob(F-statistic) 0.002975
M2 AT 2ND DIFFERENCING

Null Hypothesis: D(M2,2) has a unit root

Exogenous: Constant
Lag Length: 0 (Automatic - based on SIC, maxlag=4)

t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -6.292288  0.0001

Test critical values: 1% level -3.857386
5% level -3.040391
10% level -2.660551

*MacKinnon (1996) one-sided p-values.

Warning: Probabilities and critical values calculated for 20 observations
        and may not be accurate for a sample size of 18

Augmented Dickey-Fuller Test Equation

Dependent Variable: D(M2,3)
Method: Least Squares
Date: 11/26/20 Time: 05:22
Sample (adjusted): 2001 2018
Included observations: 18 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

D(M2(-1),2) -1.467648 0.233246 -6.292288 0.0000

C 0.137123 0.437749 0.313245 0.7581

R-squared 0.712193    Mean dependent var 0.120000

Adjusted R-squared 0.694205    S.D. dependent var 3.358447
S.E. of regression 1.857177    Akaike info criterion 4.180432
Sum squared resid 55.18571    Schwarz criterion 4.279362
Log likelihood -35.62388    Hannan-Quinn criter. 4.194073
F-statistic 39.59289    Durbin-Watson stat 2.213483
Prob(F-statistic) 0.000011
SUMMARY RESULT OF THE UNIT ROOT TESTS
COMPUTING GRANGER CAUSALITY TEST WITH THE VARIABLES

Pairwise Granger Causality Tests

Date: 11/26/20 Time: 05:05
Sample: 1998 2018
Lags: 2

 Null Hypothesis: Obs F-Statistic Prob.

 MCAP does not Granger Cause RGDP  19  1.15498 0.3433

 RGDP does not Granger Cause MCAP  4.23141 0.0365

 CPS does not Granger Cause RGDP  19  2.74974 0.0983

 RGDP does not Granger Cause CPS  5.86920 0.0141

 M2 does not Granger Cause RGDP  19  2.21737 0.1457

 RGDP does not Granger Cause M2  1.66437 0.2247

 CPS does not Granger Cause MCAP  19  1.60232 0.2363

 MCAP does not Granger Cause CPS  4.87625 0.0247

 M2 does not Granger Cause MCAP  19  3.01467 0.0815

 MCAP does not Granger Cause M2  3.29017 0.0674

 M2 does not Granger Cause CPS  19  3.29536 0.0672

 CPS does not Granger Cause M2  0.74347 0.4933
COMPUTING JOHANSEN COINTEGRATION FOR THE VARIABLES

Date: 11/26/20 Time: 05:08

Sample (adjusted): 2000 2018
Included observations: 19 after adjustments
Trend assumption: Linear deterministic trend
Series: RGDP MCAP CPS M2
Lags interval (in first differences): 1 to 1

Unrestricted Cointegration Rank Test (Trace)

Hypothesized Trace 0.05

No. of CE(s) Eigenvalue Statistic Critical Value Prob.**

None *  0.772483  52.90385  47.85613  0.0156

At most 1  0.612578  24.77377  29.79707  0.1697
At most 2  0.291348  6.757214  15.49471  0.6060
At most 3  0.011190  0.213803  3.841465  0.6438

 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

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized Max-Eigen 0.05

No. of CE(s) Eigenvalue Statistic Critical Value Prob.**

None *  0.772483  28.13008  27.58434  0.0426

At most 1  0.612578  18.01656  21.13162  0.1292
At most 2  0.291348  6.543412  14.26460  0.5445
At most 3  0.011190  0.213803  3.841465  0.6438

 Max-eigenvalue 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

 Unrestricted Cointegrating Coefficients (normalized by b'*S11*b=I):

RGDP MCAP CPS M2

-0.000237  0.293237 -0.081415  0.199265
 0.000263  0.107036 -1.051538  0.627919
 6.50E-05  0.121013  0.557398 -0.753416
 0.000151  0.008114  0.588285 -0.986739

 Unrestricted Adjustment Coefficients (alpha):

D(RGDP)  373.5921 -150.4565 -484.7314 -2.116426

D(MCAP) -3.755541  1.300114 -1.662324 -0.141005
D(CPS)  0.290234  1.068096  0.194433  0.063777
D(M2)  0.167006  0.658386  0.474016 -0.044602

1 Cointegrating Equation(s): Log likelihood -261.0155

Normalized cointegrating coefficients (standard error in parentheses)

RGDP MCAP CPS M2
 1.000000 -1235.366  342.9892 -839.4731
  (205.758)  (815.824)  (881.566)

Adjustment coefficients (standard error in parentheses)

D(RGDP) -0.088679
 (0.06193)
D(MCAP)  0.000891
 (0.00028)
D(CPS) -6.89E-05
 (0.00010)
D(M2) -3.96E-05
 (8.5E-05)

2 Cointegrating Equation(s): Log likelihood -252.0073

Normalized cointegrating coefficients (standard error in parentheses)

RGDP MCAP CPS M2
 1.000000  0.000000 -2923.326  1588.327
 (816.005)  (903.875)
 0.000000  1.000000 -2.644006  1.965248
 (0.80343)  (0.88995)

Adjustment coefficients (standard error in parentheses)

D(RGDP) -0.128234  93.44686
 (0.09122)  (80.3964)
D(MCAP)  0.001233 -0.962106
 (0.00040)  (0.35152)
D(CPS)  0.000212  0.199432
 (0.00011)  (0.09639)
D(M2)  0.000133  0.119443
 (0.00011)  (0.09607)

3 Cointegrating Equation(s): Log likelihood -248.7356

Normalized cointegrating coefficients (standard error in parentheses)

RGDP MCAP CPS M2
 1.000000  0.000000  0.000000 -1409.171
 (142.474)
 0.000000  1.000000  0.000000 -0.745844
 (0.12881)
 0.000000  0.000000  1.000000 -1.025373
 (0.04720)

Adjustment coefficients (standard error in parentheses)

D(RGDP) -0.159749  34.78790 -142.3937
 (0.07911)  (73.5461)  (262.053)
D(MCAP)  0.001125 -1.163269 -1.987939
 (0.00037)  (0.34396)  (1.22556)
D(CPS)  0.000225  0.222961 -1.038396
 (0.00011)  (0.10179)  (0.36270)
D(M2)  0.000164  0.176806 -0.441698
 (0.00010)  (0.09316)  (0.33196)