Interpretation of VECM result

[shilpa gupta]

I have run VECM model in Stata to estimate the long run and short run relationship among variables. 11 variables and quarterly data from 2001 to 2020 have been used for the study. All the variables were non-stationary at l(0) but stationary at I(1). Lag selection criteria such as SBIC and HQIC showed Lag 1 and Vecrank (Trace and maxi-eigenvalue) command suggested 4 cointegration equation. After applying the vec command, the error correction term or speed of adjustment was negative and significant for 3 equations (1^st, 2^nd and 4^th equations) out of 4 equations for target variable.

1) Is the result significant or all the 4 equations have to be significant?

2) What will be the short-run coefficient as there only 1 lag has been taken for the analysis?

I am also attaching the results with this.

Are my results are appropriate ?

Thanks