Dependent variable |
Regressors |
Cointegration* |
Dependent variable |
Regressors |
Cointegration* |
||
TKWHEX |
= |
WRWHRP |
|
TKBMRT |
= |
TKBMWS |
|
|
|
0.25 |
-0.83 |
|
|
1.01 |
-0.70 |
|
|
0.77 |
-4.42 |
|
|
12.09 |
-3.09 |
|
|
|
|
|
|
|
|
TKWHPR |
= |
WRWHRP |
|
TKPLPR |
= |
WRPLRP |
|
|
|
0.48 |
-0.47 |
|
|
2.38 |
-0.57 |
|
|
2.53 |
-2.39 |
|
|
3.84 |
-2.46 |
|
|
|
|
|
|
|
|
TKWHPF |
= |
WRWHRP |
|
TKPLWS |
= |
WRPLRP |
|
|
|
0.48 |
-0.49 |
|
|
1.05 |
-0.74 |
|
|
1.89 |
-2.53 |
|
|
7.25 |
-3.48 |
|
|
|
|
|
|
|
|
TKWHWS |
= |
WRWHRP |
|
TKPLRT |
= |
WRPLRP |
|
|
|
0.50 |
-0.67 |
|
|
1.01 |
-0.56 |
|
|
3.07 |
-3.07 |
|
|
4.14 |
-2.92 |
|
|
|
|
|
|
|
|
TKRIIM |
= |
WRRIRP |
|
TKSYPR |
= |
WRSYRP |
|
|
|
0.87 |
-0.82 |
|
|
0.60 |
-0.69 |
|
|
4.91 |
-3.93 |
|
|
1.61 |
-3.30 |
|
|
|
|
|
|
|
|
TKRIPR |
= |
WRRIRP |
|
TKSYPF |
= |
WRSYRP |
|
|
|
0.66 |
-0.66 |
|
|
0.83 |
-0.37 |
|
|
3.76 |
-3.55 |
|
|
2.89 |
-1.17 |
|
|
|
|
|
|
|
|
TKRIPF |
= |
WRRIRP |
|
TKSFPR |
= |
WRSFRP |
|
|
|
0.62 |
-0.48 |
|
|
0.43 |
-0.74 |
|
|
1.50 |
-1.88 |
|
|
3.64 |
-3.75 |
|
|
|
|
|
|
|
|
TKRIWS |
= |
WRRIRP |
|
TKBUPR |
= |
WRBTRP |
|
|
|
0.89 |
-0.72 |
|
|
0.18 |
-0.65 |
|
|
6.30 |
-4.28 |
|
|
1.09 |
-2.70 |
|
|
|
|
|
|
|
|
TKRIRT |
= |
WRRIRP |
|
TKBUWS |
= |
WRBTRP |
|
|
|
0.75 |
-0.64 |
|
|
0.60 |
-0.39 |
|
|
4.67 |
-3.66 |
|
|
1.99 |
-3.20 |
|
|
|
|
|
|
|
|
TKMZPR |
= |
WRMZRP |
|
TKBURT |
= |
WRBTRP |
|
|
|
0.80 |
-0.57 |
|
|
0.57 |
-0.45 |
|
|
3.84 |
-3.14 |
|
|
2.16 |
-3.40 |
|
|
|
|
|
|
|
|
TKMZPF |
= |
WRMZRP |
|
TKBUWS |
= |
TKBUPR |
|
|
|
0.76 |
-0.50 |
|
|
0.80 |
-0.21 |
|
|
2.66 |
-2.66 |
|
|
0.48 |
-2.11 |
|
|
|
|
|
|
|
|
TKMZWS |
= |
WRMZRP |
|
TKBURT |
= |
TKBUWS |
|
|
|
0.76 |
-0.56 |
|
|
0.80 |
-0.61 |
|
|
3.35 |
-3.47 |
|
|
5.96 |
-3.27 |
|
|
|
|
|
|
|
|
TKBMEX |
= |
WRBMRP |
|
TKCEPR |
= |
WRBTRP |
|
|
|
0.56 |
-1.01 |
|
|
8.32 |
-0.09 |
|
|
2.60 |
-4.23 |
|
|
0.17 |
-0.66 |
|
|
|
|
|
|
|
|
TKBMPF |
= |
WRBMRP |
|
TKCEWS |
= |
WRBTRP |
|
|
|
0.65 |
-0.18 |
|
|
1.43 |
-0.36 |
|
|
0.36 |
-1.26 |
|
|
2.37 |
-2.43 |
|
|
|
|
|
|
|
|
TKBMWS |
= |
WRBMRP |
|
TKCERT |
= |
WRBTRP |
|
|
|
0.22 |
-0.36 |
|
|
0.75 |
-0.45 |
|
|
0.45 |
-2.30 |
|
|
2.90 |
-3.23 |
|
|
|
|
|
|
|
|
TKBMRT |
= |
WRBMRP |
|
TKCEWS |
= |
TKCEPR |
|
|
|
0.41 |
-0.32 |
|
|
-0.87 |
-0.08 |
|
|
0.82 |
-2.13 |
|
|
-1.77 |
-0.65 |
|
|
|
|
|
|
|
|
TKBMWS |
= |
TKBMPF |
|
TKCERT |
= |
TKCEWS |
|
|
|
0.29 |
-0.42 |
|
|
0.61 |
-0.22 |
|
|
2.96 |
-2.21 |
|
|
1.87 |
-2.30 |
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