Markets

Estimates of ARCH-term (α)

Estimates of GARCH-term (β)

α + β

ARCH-LM test²

(P values)

Dar es Salaam

0.371

(0.007)***

0.591

(0.000)***

0.961

0.791

Mbeya

0.646

(0.001)***

0.304

(0.000)***

0.950

0.646

Morogoro

0.357

(0.042)**

0.569

(0.000)***

0.926

0.283

Shinyanga

0.264

(0.000)***

0.646

(0.000)***

0.909

0.408

Mpanda

1.070

(0.000)***

0.001

(0.988)

1.071

0.509

Dodoma

0.367

(0.004)***

0.158

(0.053)**

0.525

0.749

Arusha

0.648

(0.000)***

0.145

(0.032)**

0.793

0.788

Lindi

0.537

(0.001)***

0.361

(0.000)***

0.898

0.597

Mtwara

0.505

(0.001)***

0.195

(0.114)

0.700

0.731

Bukoba

0.424

(0.000)***

0.396

(0.000)***

0.820

0.253

Songea

0.276

(0.002)***

0.712

(0.000)***

0.988

0.628

Tanga

0.415

(0.005)***

0.522

(0.000)***

0.937

0.574

Kigoma

0.468

(0.000)***

0.548

(0.000)***

1.016

0.609