Dependent variable |
Regressor |
Cointegration* |
Dependent variable |
Regressor |
Cointegration* |
||
EGWHIM |
= |
WRWHRP |
|
EGMZPR |
= |
EGMZIM |
|
|
|
0.95 |
-0.52 |
|
|
1.13 |
-0.25 |
|
|
4.68 |
-2.66 |
|
|
1.54 |
-2.04 |
|
|
|
|
|
|
|
|
EGWHPR |
= |
WRWHRP |
|
EGMZWS |
= |
EGMZIM |
|
|
|
0.91 |
-0.22 |
|
|
1.34 |
-0.22 |
|
|
0.95 |
-1.76 |
|
|
1.52 |
-1.79 |
|
|
|
|
|
|
|
|
EGWHPF |
= |
WRWHRP |
|
EGMZWS |
= |
EGMZPR |
|
|
|
0.72 |
-0.25 |
|
|
1.00 |
-1.48 |
|
|
0.85 |
-1.57 |
|
|
42.87 |
-4.73 |
|
|
|
|
|
|
|
|
EGWHWS |
= |
WRWHRP |
|
EGMZRT |
= |
EGMZWS |
|
|
|
0.64 |
-0.22 |
|
|
0.95 |
-0.49 |
|
|
0.80 |
-1.64 |
|
|
10.07 |
-2.75 |
|
|
|
|
|
|
|
|
EGWHRT |
= |
WRWHRP |
|
EGSHPR |
= |
WRSHRP |
|
|
|
0.83 |
-0.18 |
|
|
1.59 |
-0.20 |
|
|
0.85 |
-1.51 |
|
|
1.26 |
-1.70 |
|
|
|
|
|
|
|
|
EGWHPR |
= |
EGWHIM |
|
EGSHPF |
= |
WRSHRP |
|
|
|
0.96 |
-0.24 |
|
|
0.81 |
-0.18 |
|
|
1.30 |
-1.91 |
|
|
0.56 |
-1.22 |
|
|
|
|
|
|
|
|
EGWHWS |
= |
EGWHIM |
|
EGSHWS |
= |
WRSHRP |
|
|
|
0.80 |
|
|
|
1.28 |
-0.17 |
|
|
1.21 |
|
|
|
0.80 |
-1.51 |
|
|
|
|
|
|
|
|
EGWHWS |
= |
EGWHPR |
|
EGSHRT |
= |
WRSHRP |
|
|
|
1.04 |
-1.60 |
|
|
1.19 |
-0.16 |
|
|
70.38 |
-5.99 |
|
|
0.70 |
-1.53 |
|
|
|
|
|
|
|
|
EGWHRT |
= |
EGWHWS |
|
EGSHWS |
= |
EGSHPR |
|
|
|
0.94 |
-0.52 |
|
|
1.01 |
-1.01 |
|
|
13.02 |
-2.57 |
|
|
43.67 |
-3.64 |
|
|
|
|
|
|
|
|
EGRIEX |
= |
WRRIRP |
|
EGSHRT |
= |
EGSHWS |
|
|
|
1.22 |
-0.65 |
|
|
1.00 |
-0.76 |
|
|
5.48 |
-3.86 |
|
|
23.54 |
-3.23 |
|
|
|
|
|
|
|
|
EGRIPF |
= |
WRRIRP |
|
EGBUPR |
= |
WRBTRP |
|
|
|
0.41 |
-0.29 |
|
|
1.42 |
-0.21 |
|
|
0.74 |
-2.11 |
|
|
1.44 |
-2.39 |
|
|
|
|
|
|
|
|
EGRIWS |
= |
WRRIRP |
|
EGBURT |
= |
WRBTRP |
|
|
|
0.73 |
-0.32 |
|
|
1.54 |
0.47 |
|
|
1.14 |
-1.57 |
|
|
1.52 |
2.90 |
|
|
|
|
|
|
|
|
EGRIRT |
= |
WRRIRP |
|
EGBURT |
= |
EGBUPR |
|
|
|
0.64 |
-0.13 |
|
|
0.99 |
-0.76 |
|
|
0.50 |
-1.42 |
|
|
37.65 |
-3.63 |
|
|
|
|
|
|
|
|
EGRIWS |
= |
EGRIPR |
|
EGCEPR |
= |
WRBTRP |
|
|
|
1.36 |
-0.39 |
|
|
1.15 |
-0.24 |
|
|
1.28 |
-2.02 |
|
|
1.50 |
-2.63 |
|
|
|
|
|
|
|
|
EGRIRT |
= |
EGRIWS |
|
EGBMPR |
= |
WRBMRP |
|
|
|
0.53 |
-0.23 |
|
|
0.42 |
-0.34 |
|
|
0.53 |
-2.21 |
|
|
0.42 |
-2.74 |
|
|
|
|
|
|
|
|
EGRIWS |
= |
EGRIEX |
|
EGBMPF |
= |
WRBMRP |
|
|
|
0.20 |
-0.33 |
|
|
0.09 |
-0.25 |
|
|
0.45 |
-1.47 |
|
|
0.06 |
-2.17 |
|
|
|
|
|
|
|
|
EGMZIM |
= |
WRMZRP |
|
EGBMWS |
= |
WRBMRP |
|
|
|
1.26 |
-1.05 |
|
|
0.29 |
-0.33 |
|
|
11.99 |
-4.20 |
|
|
0.30 |
-2.93 |
|
|
|
|
|
|
|
|
EGMZPR |
= |
WRMZRP |
|
EGBMRT |
= |
WRBMRP |
|
|
|
0.45 |
-0.23 |
|
|
0.64 |
-0.35 |
|
|
0.44 |
-1.90 |
|
|
0.66 |
-2.91 |
|
|
|
|
|
|
|
|
EGMZPF |
= |
WRMZRP |
|
EGBMRT |
= |
EGBMWS |
|
|
|
0.66 |
-0.19 |
|
|
1.04 |
-1.20 |
|
|
0.55 |
-1.27 |
|
|
48.33 |
-5.54 |
|
|
|
|
|
|
|
|
EGMZWS |
= |
WRMZRP |
|
EGBMWS |
= |
EGBMPR |
|
|
|
0.92 |
-0.19 |
|
|
0.96 |
-1.26 |
|
|
0.81 |
-1.43 |
|
|
33.42 |
-5.04 |
|
|
|
|
|
|
|
|
EGMZRT |
= |
WRMZRP |
|
EGPLPF |
= |
WRPLRP |
|
|
|
1.02 |
-0.19 |
|
|
-1.81 |
-0.33 |
|
|
0.78 |
-1.64 |
|
|
-0.86 |
-2.33 |
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