Dependent variable |
Regressors |
Cointegration* |
Dependent variable |
Regressors |
Cointegration* |
||
CHWHIM |
= |
WRWHRP |
|
CHPMIM |
= |
WRPMRP |
|
|
|
0.62 |
-0.88 |
|
|
0.63 |
-0.88 |
|
|
1.66 |
-3.51 |
|
|
2.78 |
-3.76 |
|
|
|
|
|
|
|
|
CHWHPF |
= |
WRWHRP |
|
CHPMPF |
= |
WRPMRP |
|
|
|
0.76 |
-0.99 |
|
|
1.00 |
-1.14 |
|
|
1.51 |
-3.58 |
|
|
2.07 |
-3.74 |
CHWHWS |
= |
WRWHRP |
|
CHPMRT |
= |
WRPMRP |
|
|
|
0.49 |
-0.71 |
|
|
1.09 |
0.87 |
|
|
5.01 |
-4.23 |
|
|
2.10 |
3.99 |
CHWHRT |
= |
WRWHRP |
|
CHPLIM |
= |
WRPLRP |
|
|
|
0.53 |
-0.55 |
|
|
1.66 |
-0.39 |
|
|
2.39 |
-3.18 |
|
|
1.39 |
-2.40 |
CHWHWS |
= |
CHWHPF |
|
CHPLPR |
= |
WRPLRP |
|
|
|
0.37 |
-0.61 |
|
|
0.95 |
-0.71 |
|
|
2.43 |
-2.79 |
|
|
4.09 |
-3.27 |
CHRIIM |
= |
WRRIRP |
|
CHPLWS |
= |
WRPLRP |
|
|
|
1.12 |
-1.09 |
|
|
-0.43 |
-1.11 |
|
|
7.57 |
-5.26 |
|
|
-0.63 |
-3.53 |
CHRIPF |
= |
WRRIRP |
|
CHPLIM |
= |
CHPLWS |
|
|
|
0.64 |
-1.62 |
|
|
-0.06 |
-0.39 |
|
|
6.11 |
-4.48 |
|
|
-0.09 |
3.05 |
CHRIWS |
= |
WRRIRP |
|
CHPLPR |
= |
CHPLIM |
|
|
|
0.54 |
-1.64 |
|
|
0.27 |
-0.69 |
|
|
4.25 |
-4.56 |
|
|
2.28 |
3.79 |
CHMZIM |
= |
WRMZRP |
|
CHMPIM |
= |
WRMPRP |
|
|
|
1.40 |
-1.08 |
|
|
0.22 |
-0.80 |
|
|
3.98 |
-2.84 |
|
|
0.65 |
-4.05 |
CHMZPF |
= |
WRMZRP |
|
CHMPWS |
= |
WRMPRP |
|
|
|
0.77 |
-0.88 |
|
|
0.77 |
-0.84 |
|
|
4.33 |
-2.92 |
|
|
4.60 |
-3.63 |
CHBMIM |
= |
WRBMRP |
|
CHBTWS |
= |
WRBTRP |
|
|
|
0.47 |
-0.56 |
|
|
0.97 |
-0.41 |
|
|
1.58 |
-2.74 |
|
|
3.88 |
-5.23 |
CHBMPF |
= |
WRBMRP |
|
CHCEWS |
= |
WRBTRP |
|
|
|
1.26 |
-0.77 |
|
|
0.62 |
-1.45 |
|
|
2.74 |
-2.58 |
|
|
3.28 |
-4.90 |
CHBMWS |
= |
WRBMRP |
|
CHCERT |
= |
WRBTRP |
|
|
|
0.12 |
-0.51 |
|
|
0.63 |
-0.45 |
|
|
0.22 |
-2.75 |
|
|
2.13 |
-4.60 |
CHBMWS |
= |
CHBMPF |
|
|
|
|
|
|
|
1.02 |
-0.72 |
|
|
|
|
|
|
172.08 |
-2.74 |
|
|
|
|
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.