# Table 12. Thailand. Co-integration tests and ARDL long run coefficients (annual data)

 Dependent variable Regressors Cointegration* Dependent variable Regressors Cointegration* THWHIM = WRWHRP THRIPF = WRRIRP 0.83 -1.04 0.75 -1.16 13.27 -3.70 8.38 -5.02 THMZIM = WRWHRP THRIWS = WRRIRP 2.32 -0.43 1.19 -0.49 2.94 -2.29 5.81 -2.99 THMZEX = WRWHRP THRIRT = WRRIRP 0.64 -1.04 0.66 -0.52 5.14 -3.75 5.64 -3.48 THMZPR = WRWHRP THCSPR = WRCSRP 0.69 -1.18 0.72 -0.95 8.58 -4.67 5.17 -4.72 THMZPF = WRWHRP THCSPF = WRCSRP 0.70 -1.27 0.43 -0.97 8.29 -4.94 1.47 -3.69 THMZWS = WRWHRP THBMPF = WRBMRP 0.74 -1.10 1.72 -0.56 11.88 -3.86 3.98 -3.29 THSHPR = WRSHRP THPLPR = WRPLRP 0.99 -0.60 1.10 -0.49 7.12 -2.89 4.99 -3.15 THSHWS = WRSHRP THPLWS = WRPLRP 1.01 -0.66 0.90 -0.57 11.75 -2.84 5.43 -3.24 THRIEX = WRRIRP THPLRT = WRPLRP 1.03 -1.02 0.62 -0.59 24.50 -4.44 3.09 -3.40 THRIPR = WRRIRP THPMPF = WRPMRP 1.15 -0.39 0.88 -0.85 5.23 -2.15 4.25 -3.80

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