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Table 28. Indonesia. Co-integration tests, ARDL long run coefficients and ECM representation (monthly data)


Dependent variable

Regressors

sample: Jan 1979 - May 2001

ISRIWS

=

WRRIRP

cointegration *




0.81

-0.14




1.83

-4.21


sample: Jan 1979 - May 2001

ISCFWS

=

WRCFRP

cointegration *




1.00

-0.11




3.40

-3.59


dISCFWS

=

dWRCFRP

ecm(-1)




0.10

-0.10




3.87

-4.01


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

source: own calculation on ESCB price data


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