Table 4 Bai and Perron (1998) structural...

Table 4

Bai and Perron (1998) structural breaks test

Country	Break test	Scaled F-statistic	Critical value^a	Break date
Indonesia
	0 vs. 1*	218.47	18.23	1980, 1988, 1998, 2006, 2013
	1 vs. 2*	25.48	19.91
	2 vs. 3*	33.63	20.99
	3 vs. 4*	25.85	21.71
	4 vs. 5*	29.86	22.37
Malaysia
	0 vs. 1*	316.99	18.23	1984, 1996
	1 vs. 2*	32.23	19.91
	2 vs. 3	20.36	20.99
Philippines
	0 vs. 1*	38.07	18.23	1980, 1988, 1997, 2010
	1 vs. 2*	47.50	19.91
	2 vs. 3*	47.63	20.99
	3 vs. 4*	29.96	21.71
	4 vs. 5	0.000	22.37
Singapore
	0 vs. 1*	60.15	18.23	1983, 1993, 2009
	1 vs. 2*	63.81	19.91
	2 vs. 3*	55.69	20.99
	3 vs. 4	10.51	21.71
Thailand
	0 vs. 1*	68.76	18.23	1984, 1996, 2003
	1 vs. 2*	28.48	19.91
	2 vs. 3*	72.10	20.99
	3 vs. 4	17.89	21.71
S. Korea
	0 vs. 1*	154.56	18.23	1992
	1 vs. 2	18.52	19.91
Japan
	0 vs. 1*	90.81	18.23	1977, 1989, 1996
	1 vs. 2*	62.64	19.91
	2 vs. 3*	34.95	20.99
	3 vs. 4	8.68	21.71

Country	Break test	Scaled F-statistic	Critical value^a	Break date
Indonesia
	0 vs. 1*	218.47	18.23	1980, 1988, 1998, 2006, 2013
	1 vs. 2*	25.48	19.91
	2 vs. 3*	33.63	20.99
	3 vs. 4*	25.85	21.71
	4 vs. 5*	29.86	22.37
Malaysia
	0 vs. 1*	316.99	18.23	1984, 1996
	1 vs. 2*	32.23	19.91
	2 vs. 3	20.36	20.99
Philippines
	0 vs. 1*	38.07	18.23	1980, 1988, 1997, 2010
	1 vs. 2*	47.50	19.91
	2 vs. 3*	47.63	20.99
	3 vs. 4*	29.96	21.71
	4 vs. 5	0.000	22.37
Singapore
	0 vs. 1*	60.15	18.23	1983, 1993, 2009
	1 vs. 2*	63.81	19.91
	2 vs. 3*	55.69	20.99
	3 vs. 4	10.51	21.71
Thailand
	0 vs. 1*	68.76	18.23	1984, 1996, 2003
	1 vs. 2*	28.48	19.91
	2 vs. 3*	72.10	20.99
	3 vs. 4	17.89	21.71
S. Korea
	0 vs. 1*	154.56	18.23	1992
	1 vs. 2	18.52	19.91
Japan
	0 vs. 1*	90.81	18.23	1977, 1989, 1996
	1 vs. 2*	62.64	19.91
	2 vs. 3*	34.95	20.99
	3 vs. 4	8.68	21.71

Note(s)

Bai-Perron critical values

*Denotes significance at the 5% level

Source(s): The authors

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