Dependent variable |
Regressors |
Cointegration* |
Dependent variable |
Regressors |
Cointegration* |
||
SNMZPR |
= |
WRMZRP |
|
SNBMEX |
= |
WRBMRP |
|
|
|
0.87 |
-0.45 |
|
|
1.67 |
-0.59 |
|
|
2.13 |
-2.59 |
|
|
2.37 |
-3.78 |
|
|
|
|
|
|
|
|
SNMZPF |
= |
WRMZRP |
|
SNBMPF |
= |
WRBMRP |
|
|
|
0.73 |
-0.46 |
|
|
0.67 |
-0.82 |
|
|
1.04 |
-1.89 |
|
|
1.47 |
-2.66 |
|
|
|
|
|
|
|
|
SNRIIM |
= |
WRRIRP |
|
SNPMIM |
= |
WRPMRP |
|
|
|
0.79 |
-0.70 |
|
|
0.68 |
-0.62 |
|
|
9.48 |
-3.24 |
|
|
2.83 |
-3.36 |
|
|
|
|
|
|
|
|
SNRIEX |
= |
WRRIRP |
|
SNPMEX |
= |
WRPMRP |
|
|
|
1.07 |
-0.53 |
|
|
0.32 |
-1.10 |
|
|
1.16 |
-2.46 |
|
|
1.11 |
-4.41 |
|
|
|
|
|
|
|
|
SNRIPR |
= |
WRRIRP |
|
SNPMPF |
= |
WRPMRP |
|
|
|
0.11 |
-0.45 |
|
|
0.95 |
-0.69 |
|
|
0.28 |
-2.52 |
|
|
4.66 |
-2.52 |
|
|
|
|
|
|
|
|
SNRIPF |
= |
WRRIRP |
|
SNPLIM |
= |
WRPLRP |
|
|
|
0.32 |
-0.68 |
|
|
0.01 |
-0.55 |
|
|
1.37 |
-2.86 |
|
|
0.01 |
-3.27 |
|
|
|
|
|
|
|
|
SNMPIM |
= |
WRMPRP |
|
SNPLEX |
= |
WRPLRP |
|
|
|
1.19 |
-0.55 |
|
|
1.46 |
-0.64 |
|
|
2.33 |
-2.89 |
|
|
5.04 |
-3.12 |
|
|
|
|
|
|
|
|
SNMPPF |
= |
WRMPRP |
|
SNPLPF |
= |
WRPLRP |
|
|
|
0.82 |
-0.54 |
|
|
1.37 |
-1.07 |
|
|
2.36 |
-2.20 |
|
|
4.94 |
-3.22 |
|
|
|
|
|
|
|
|
SNBMIM |
= |
WRBMRP |
|
|
|
|
|
|
|
-0.10 |
-0.94 |
|
|
|
|
|
|
-0.48 |
-2.96 |
|
|
|
|
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