Trying to make a VAR model work but constantly getting error

[VVV]

Hello everyone,
I am currently trying to get a VAR model to work, however when I try it I get the error message "Insufficient number of observations to estimate ## coefficients per equation in VAR." Can anyone please tell me why this is happening? The file is attached, so if anyone does have some spare time to help me I would appreciate it.

A little bit more information about what I am trying to do:
I am trying to construct a VAR model, with the change_in_GINI being the dependent variable and all the rest being independent. The lag should be 4. I am currently using EViews 8.


Thank you very much in advance!

[startz]

You have 14 observations. Each variable in the VAR uses one parameter per lag. If you have four lags and four variables, for example, that means 16 parameters.

[VVV]

Thank you for your quick reply. What do you recommend I do? The lag should be 4. Shall I gather more data or eliminate some of the variables? One more thing, when I run the VAR (with 1 lag) I only get 14 observation, why is this? I thought since I have 14 years of data and 7 variables, I have to have 98 observations not 14.

Thank you again!

[startz]

Thank you for your quick reply. What do you recommend I do? The lag should be 4. Shall I gather more data or eliminate some of the variables? One more thing, when I run the VAR (with 1 lag) I only get 14 observation, why is this? I thought since I have 14 years of data and 7 variables, I have to have 98 observations not 14.

Thank you again!

Gather more data.

A VAR is just a collection of regressions. So you have 14 observations in each regression.