Variables

With Constant

With Constant and Trend

Lag^@

MZa

MZt

MSB

MPT

Lag^@

MZa

MZt

MSB

MPT

LNSX

1

−1.22073

−0.49436

0.40497

12.2168

1

−4.84922

−1.48297

0.30582

18.3874

ΔLNSX

1

−10.5983**

−2.22658**

0.21009**

2.61201**

1

−35.9486*

−4.23594*

0.11783*

2.55548*

LNCD

1

−5.78674

−1.69104

0.29223

4.26576

1

−5.82613

−1.68859

0.28983

15.6154

ΔLNCD

1

−21.2568*

−3.23196*

0.15204*

1.25269*

1

−50.6029*

−5.02377*

0.09928*

1.83237*

LNCP

1

−11.3438

−2.36717

0.20868

2.21781

1

−11.6657

−2.41224

0.20678

7.82724

ΔLNCP

1

−132.772*

−8.14773*

0.06137*

0.18456*

1

−145.161*

−8.51799*

0.05868*

0.63238*

LNCR

1

−8.93614

−2.11369

0.23653

2.74204

1

−9.75011

−2.19754

0.22539

9.39400

ΔLNCR

1

−31.2828*

−3.93841*

0.12590*

0.83473*

1

−62.6749*

−5.59369*

0.08925*

1.47384*

LNTBL

1

−5.95007

−1.72226

0.28945

4.12611

1

−6.02085

−1.73220

0.28770

15.1326

ΔLNTBL

1

−87.6086*

−6.61820*

0.07554*

0.28022*

1

−102.730*

−7.16100*

0.06971*

0.90951*