|
Dependent variable |
Regressors |
Cointegration* |
Dependent variable |
Regressors |
Cointegration* |
||
|
UGWHIM |
= |
WRWHRP |
|
UGBMPR |
= |
WRBMRP |
|
| |
|
0.70 |
-0.68 |
|
|
-0.06 |
-0.94 |
| |
|
4.49 |
-3.09 |
|
|
-0.36 |
-4.43 |
|
UGWHPR |
= |
WRWHRP |
|
UGBMWS |
= |
WRBMRP |
|
| |
|
-0.11 |
-0.61 |
|
|
-0.07 |
-0.78 |
| |
|
-0.40 |
-3.60 |
|
|
-0.45 |
-3.22 |
|
UGWHPF |
= |
WRWHRP |
|
UGBMRT |
= |
WRBMRP |
|
| |
|
1.09 |
-0.65 |
|
|
-0.02 |
-0.80 |
| |
|
2.28 |
-3.66 |
|
|
-0.14 |
-4.33 |
|
UGWHWS |
= |
WRWHRP |
|
UGBMWS |
= |
UGBMPR |
|
| |
|
-0.10 |
-0.63 |
|
|
1.15 |
-0.84 |
| |
|
-0.39 |
-3.70 |
|
|
15.16 |
-4.47 |
|
UGWHRT |
= |
WRWHRP |
|
UGPMWS |
= |
UGPMPR |
|
| |
|
-0.08 |
-0.71 |
|
|
1.12 |
-0.29 |
| |
|
-0.34 |
-2.92 |
|
|
7.91 |
-1.54 |
|
UGWHWS |
= |
UGWHPR |
|
UGPMPR |
= |
WRPMRP |
|
| |
|
0.94 |
-1.17 |
|
|
0.00 |
-1.00 |
| |
|
46.06 |
-3.94 |
|
|
0.03 |
-5.37 |
|
UGWHRT |
= |
UGWHWS |
|
UGPMWS |
= |
WRPMRP |
|
| |
|
0.95 |
-1.07 |
|
|
-0.11 |
-0.92 |
| |
|
38.44 |
-3.93 |
|
|
-0.82 |
-5.54 |
|
UGRIPR |
= |
WRRIRP |
|
UGPMRT |
= |
WRPMRP |
|
| |
|
0.19 |
-0.37 |
|
|
-0.07 |
-0.83 |
| |
|
0.32 |
-2.44 |
|
|
-0.44 |
-5.22 |
|
UGRIPF |
= |
WRRIRP |
|
UGPMRT |
= |
UGPMWS |
|
| |
|
1.02 |
-0.67 |
|
|
1.14 |
-0.78 |
| |
|
1.89 |
-3.39 |
|
|
27.53 |
-2.84 |
|
UGRIWS |
= |
WRRIRP |
|
UGPLPR |
= |
WRPLRP |
|
| |
|
0.26 |
0.64 |
|
|
0.12 |
-0.87 |
| |
|
0.54 |
-2.84 |
|
|
0.56 |
-5.13 |
|
UGRIRT |
= |
WRRIRP |
|
UGPLWS |
= |
WRPLRP |
|
| |
|
0.23 |
-0.50 |
|
|
0.12 |
-0.82 |
| |
|
0.61 |
-2.78 |
|
|
0.56 |
-4.96 |
| |
|
|
|
|
|
|
|
|
UGRIWS |
= |
UGRIPR |
|
UGPLRT |
= |
WRPLRP |
|
| |
|
0.93 |
-0.44 |
|
|
0.12 |
-0.82 |
| |
|
20.98 |
-2.69 |
|
|
0.60 |
-5.32 |
| |
|
|
|
|
|
|
|
|
UGRIRT |
= |
UGRIWS |
|
UGPLWS |
= |
UGPLPR |
|
| |
|
0.87 |
-0.95 |
|
|
1.00 |
-0.99 |
| |
|
47.45 |
-3.64 |
|
|
48.56 |
-3.81 |
|
UGMZIM |
= |
WRMZRP |
|
UGPLRT |
= |
UGPLWS |
|
| |
|
0.73 |
-0.91 |
|
|
0.97 |
-1.83 |
| |
|
2.55 |
-4.78 |
|
|
73.51 |
-6.15 |
|
UGMZPR |
= |
WRMZRP |
|
UGMPIM |
= |
WRMPRP |
|
| |
|
0.57 |
-0.81 |
|
|
0.53 |
-1.00 |
| |
|
2.55 |
-3.30 |
|
|
2.32 |
-3.66 |
|
UGMZPF |
= |
WRMZRP |
|
UGSYPR |
= |
WRSYRP |
|
| |
|
1.30 |
-0.80 |
|
|
0.62 |
-0.94 |
| |
|
2.37 |
-3.23 |
|
|
2.87 |
-3.93 |
|
UGMZWS |
= |
WRMZRP |
|
UGSYPF |
= |
WRSYRP |
|
| |
|
0.49 |
-0.84 |
|
|
1.49 |
-0.64 |
| |
|
1.94 |
-3.50 |
|
|
2.06 |
-2.83 |
|
UGMZRT |
= |
WRMZRP |
|
UGSYWS |
= |
WRSYRP |
|
| |
|
0.22 |
-0.78 |
|
|
0.40 |
-0.79 |
| |
|
0.67 |
-3.39 |
|
|
1.32 |
-3.60 |
|
UGMZWS |
= |
UGMZPR |
|
UGSYRT |
= |
WRSYRP |
|
| |
|
0.78 |
-0.89 |
|
|
0.19 |
-0.64 |
| |
|
7.13 |
-3.39 |
|
|
0.54 |
-3.44 |
|
UGMZRT |
= |
UGMZWS |
|
UGSYRT |
= |
UGSYWS |
|
| |
|
0.96 |
-1.04 |
|
|
0.97 |
-1.00 |
| |
|
27.28 |
-3.41 |
|
|
21.60 |
-3.72 |
|
UGSHRT |
= |
UGSHWS |
|
UGCSPR |
= |
WRCSRP |
|
| |
|
0.92 |
-0.94 |
|
|
-0.66 |
-0.31 |
| |
|
21.86 |
-3.86 |
|
|
-0.71 |
-2.02 |
|
UGSHWS |
= |
UGSHPR |
|
UGCSPF |
= |
WRCSRP |
|
| |
|
0.87 |
-1.40 |
|
|
1.63 |
-0.70 |
| |
|
18.32 |
-4.76 |
|
|
4.16 |
-2.92 |
|
UGSHPR |
= |
WRSHRP |
|
UGCSWS |
= |
WRCSRP |
|
| |
|
0.48 |
-0.83 |
|
|
-0.71 |
-0.84 |
| |
|
2.29 |
-3.59 |
|
|
-0.78 |
-4.47 |
|
UGSHPF |
= |
WRSHRP |
|
UGCSRT |
= |
WRCSRP |
|
| |
|
1.50 |
-0.69 |
|
|
-0.65 |
-0.31 |
| |
|
2.49 |
-2.89 |
|
|
-0.78 |
-1.97 |
|
UGSHWS |
= |
WRSHRP |
|
UGCSWS |
= |
UGCSPR |
|
| |
|
0.27 |
-0.75 |
|
|
0.97 |
-0.79 |
| |
|
0.90 |
-3.53 |
|
|
21.83 |
-3.37 |
|
UGSHRT |
= |
WRSHRP |
|
UGCSRT |
= |
UGCSWS |
|
| |
|
0.26 |
-0.79 |
|
|
0.94 |
-1.30 |
| |
|
0.92 |
-3.56 |
|
|
63.30 |
-5.86 |
| |
|
|
|
|
|
|
|
|
UGBMIM |
= |
WRBMRP |
|
|
|
|
|
| |
|
0.32 |
-0.48 |
|
|
|
|
| |
|
0.62 |
-2.98 |
|
|
|
|
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
