Dependent variable |
Regressors |
Cointegration* |
Dependent variable |
Regressors |
Cointegration* |
||
PKWHIM |
= |
WRWHRP |
|
PKMZPF |
= |
WRMZRP |
|
|
|
1.04 |
-0.64 |
|
|
0.48 |
-0.54 |
|
|
6.46 |
-3.18 |
|
|
2.69 |
-3.09 |
|
|
|
|
|
|
|
|
PKWHPR |
= |
WRWHRP |
|
PKMZWS |
= |
WRMZRP |
|
|
|
0.35 |
-0.58 |
|
|
0.48 |
-0.76 |
|
|
2.54 |
-3.27 |
|
|
2.09 |
-3.54 |
|
|
|
|
|
|
|
|
PKWHPF |
= |
WRWHRP |
|
PKSHPF |
= |
WRSHRP |
|
|
|
0.48 |
-0.48 |
|
|
0.10 |
-1.25 |
|
|
1.97 |
-2.99 |
|
|
1.22 |
-4.06 |
|
|
|
|
|
|
|
|
PKWHWS |
= |
WRWHRP |
|
PKSHWS |
= |
WRSHRP |
|
|
|
0.32 |
-0.71 |
|
|
0.52 |
-0.74 |
|
|
2.41 |
-3.91 |
|
|
1.84 |
-3.76 |
|
|
|
|
|
|
|
|
PKWHRT |
= |
WRWHRP |
|
PKSHWS |
= |
PKSHPF |
|
|
|
0.52 |
-0.71 |
|
|
1.61 |
-0.65 |
|
|
4.44 |
-3.51 |
|
|
1.89 |
-2.87 |
|
|
|
|
|
|
|
|
PKRIIM |
= |
WRRIRP |
|
PKBMIM |
= |
WRBMRP |
|
|
|
2.73 |
-0.36 |
|
|
0.43 |
-0.71 |
|
|
1.78 |
-2.02 |
|
|
0.95 |
-3.53 |
|
|
|
|
|
|
|
|
PKRIEX |
= |
WRRIRP |
|
PKBMPF |
= |
WRBMRP |
|
|
|
0.76 |
-0.92 |
|
|
0.84 |
-0.53 |
|
|
7.41 |
-4.38 |
|
|
1.14 |
-3.16 |
|
|
|
|
|
|
|
|
PKRIPR |
= |
WRRIRP |
|
PKBMWS |
= |
WRBMRP |
|
|
|
0.57 |
-0.55 |
|
|
0.76 |
-0.73 |
|
|
2.26 |
-3.26 |
|
|
4.44 |
-4.46 |
|
|
|
|
|
|
|
|
PKRI1PR |
= |
WRRIRP |
|
PKBMRT |
= |
WRBMRP |
|
|
|
0.95 |
-0.55 |
|
|
0.58 |
-0.86 |
|
|
5.16 |
-3.26 |
|
|
3.80 |
-4.51 |
|
|
|
|
|
|
|
|
PKRIPF |
= |
WRRIRP |
|
PKPMPF |
= |
WRPMRP |
|
|
|
0.60 |
-0.39 |
|
|
1.57 |
-0.42 |
|
|
3.41 |
-1.99 |
|
|
3.86 |
-2.31 |
|
|
|
|
|
|
|
|
PKRIWS |
= |
WRRIRP |
|
PKPLPF |
= |
WRPLRP |
|
|
|
0.52 |
-0.49 |
|
|
2.20 |
-0.32 |
|
|
2.55 |
-2.54 |
|
|
2.90 |
-2.10 |
|
|
|
|
|
|
|
|
PKRI1WS |
= |
WRRIRP |
|
PKPLRT |
= |
WRPLRP |
|
|
|
0.85 |
-0.47 |
|
|
2.15 |
-0.38 |
|
|
3.35 |
-2.73 |
|
|
2.72 |
-2.14 |
|
|
|
|
|
|
|
|
PKRIRT |
= |
WRRIRP |
|
|
|
|
|
|
|
0.87 |
-0.45 |
|
|
|
|
|
|
3.42 |
-3.24 |
|
|
|
|
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