|
Dependent variable |
Regressors |
|||||
|
sample: Aug 1989 - May 2001 |
||||||
|
dEGWHWS |
= |
dEGWHWS6 |
dEGWHWS8 |
dEGWHWS9 |
dWRDWH |
ecm(-1) |
| |
|
-0.14 |
0.15 |
0.16 |
0.20 |
-0.24 |
| |
|
-2.85 |
2.82 |
3.08 |
6.42 |
-4.00 |
|
sample: Jan 1969 - Jul 1989 |
||||||
|
dEGBMWS |
= |
dWRBMRP |
dDBM |
ecm(-1) |
|
|
| |
|
-0.15 |
0.10 |
-0.23 |
|
|
| |
|
-5.30 |
9.54 |
-5.95 |
|
|
|
sample: Jan 1969 - May 2001 |
||||||
|
dEGSHRT |
= |
dEGSHRT2 |
dEGSHWS |
dDSH |
dDSHR1 |
ecm(-1) |
| |
|
0.05 |
0.87 |
0.07 |
-0.01 |
-0.50 |
| |
|
2.07 |
34.94 |
16.38 |
-2.24 |
-11.44 |
see Table 1 for variables' names
Bold = significantly different from zero at 5 percent or less
* 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
