Dependent variable |
Regressors |
Cointegration* |
|
Dependent variable |
Regressors |
Cointegration* |
||
BRWHPR |
= |
WRWHRP |
|
|
BRSYEX |
= |
WRSYRP |
|
|
|
1.07 |
-0.29 |
|
|
|
1.14 |
-0.94 |
|
|
1.53 |
-1.97 |
|
|
|
9.93 |
-4.07 |
|
|
|
|
|
|
|
|
|
BRRIPR |
= |
WRRIRP |
|
|
BRSYPR |
= |
WRSYRP |
|
|
|
0.85 |
-0.56 |
|
|
|
1.58 |
-0.40 |
|
|
1.91 |
-2.66 |
|
|
|
1.91 |
-2.49 |
|
|
|
|
|
|
|
|
|
BRMZIM |
= |
WRMZRP |
|
|
BRBMIM |
= |
WRBMRP |
|
|
|
1.69 |
-1.97 |
|
|
|
-0.22 |
-1.44 |
|
|
5.27 |
-6.67 |
|
|
|
-0.66 |
-4.03 |
|
|
|
|
|
|
|
|
|
BRMZEX |
= |
WRMZRP |
|
|
BRBMEX |
= |
WRBMRP |
|
|
|
0.13 |
-1.38 |
|
|
|
0.89 |
-1.20 |
|
|
0.28 |
-7.14 |
|
|
|
2.88 |
-2.93 |
|
|
|
|
|
|
|
|
|
BRSYIM |
= |
WRSYRP |
|
|
|
|
|
|
|
|
0.45 |
-0.95 |
|
|
|
|
|
|
|
2.44 |
-3.86 |
|
|
|
|
|
see Table 1 for variables' names
* figures reported are the ADF coefficients and t values for the level of the residual of the static regression between the two variables reported on the left. This corresponds to the Engle and Granger (1987) test for cointegration.