# Table 15. Uruguay. Co-integration tests and ARDL long run coefficients (annual data)

 Dependent variable Regressors Cointegration* Dependent variable Regressors Cointegration* UYWHIM = WRWHRP UYPMPF = WRPMRP 1.14 -1.42 0.96 -1.20 6.72 -6.12 0.67 -3.91 UYWHPR = WRWHRP UYSHPR = WRSHRP -0.03 -0.54 0.81 -1.01 -0.02 -3.43 6.33 -4.19 UYWHPF = WRWHRP UYSHPF = WRSHRP 0.43 -0.54 0.91 -0.95 0.41 -2.62 5.56 -3.46 UYWHPR = UYWHIM UYSYIM = WRSYRP 0.14 -0.33 0.16 -1.19 0.35 -2.44 0.61 -5.98 UYRIEX = WRRIRP UYSYPF = WRSYRP 1.25 -0.31 0.50 -1.24 4.62 -2.18 4.90 -6.25 UYRIPR = WRRIRP UYSFPR = WRSFRP 0.33 -0.92 0.68 -1.21 2.27 -3.32 10.93 -4.62 UYRIPF = WRRIRP UYSFPF = WRSFRP 1.09 -0.60 0.88 1.38 5.02 -2.32 7.94 -5.44 UYMZIM = WRMZRP UYBMEX = WRBMRP -0.22 -0.73 0.72 -0.80 -0.29 -3.02 4.60 -3.64 UYMZPF = WRMZRP UYBMPF = WRBMRP 0.69 -0.61 2.67 -1.16 2.35 -2.82 1.59 -3.90 UYPMEX = WRPMRP 0.51 -1.50 1.64 -5.64

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