Variance decomposition analysis
| Period | lnSMD | lnFDI | lnEXR | lnINF | lnINT | lnBANK |
|---|---|---|---|---|---|---|
| Variance Decomposition of lnSMD | ||||||
| 1 | 100.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| 2 | 69.3206 | 2.5051 | 8.3353 | 5.9691 | 6.5540 | 7.3157 |
| 3 | 51.0144 | 2.9590 | 12.0309 | 10.9390 | 9.6412 | 13.3852 |
| 4 | 42.2132 | 2.4781 | 13.4101 | 13.1101 | 10.6558 | 18.1325 |
| 5 | 38.0355 | 2.4762 | 13.5711 | 13.6922 | 10.5037 | 21.7210 |
| Variance Decomposition of lnFDI | ||||||
| 1 | 20.5050 | 79.4949 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| 2 | 16.6890 | 70.6067 | 0.1318 | 4.8212 | 7.6883 | 0.0627 |
| 3 | 15.0104 | 68.2330 | 1.5781 | 4.5570 | 10.1751 | 0.4462 |
| 4 | 14.9338 | 65.8951 | 2.7409 | 4.4939 | 10.9804 | 0.9555 |
| 5 | 15.5826 | 63.8616 | 3.6968 | 4.4409 | 10.7351 | 1.6827 |
| Variance Decomposition of lnEXR | ||||||
| 1 | 0.4343 | 2.1178 | 97.4477 | 0.0000 | 0.0000 | 0.0000 |
| 2 | 2.3302 | 10.7338 | 67.6146 | 9.9594 | 5.8804 | 3.4813 |
| 3 | 4.0528 | 19.2991 | 57.4804 | 8.0264 | 4.6911 | 6.4499 |
| 4 | 4.7461 | 27.1905 | 47.7764 | 6.7199 | 3.9881 | 9.5788 |
| 5 | 4.5172 | 32.1347 | 41.0604 | 5.7927 | 3.9165 | 12.5784 |
| Variance Decomposition of lnINF | ||||||
| 1 | 0.3793 | 7.6673 | 0.3691 | 91.5841 | 0.0000 | 0.0000 |
| 2 | 0.2627 | 7.9345 | 12.0246 | 76.9375 | 0.4073 | 2.4331 |
| 3 | 0.2768 | 6.8862 | 16.2339 | 72.5738 | 0.4482 | 3.5808 |
| 4 | 0.3614 | 6.4997 | 18.3512 | 70.1108 | 0.4776 | 4.1990 |
| 5 | 0.4874 | 6.4151 | 19.0782 | 69.0580 | 0.4861 | 4.4748 |
| Variance Decomposition of lnINT | ||||||
| 1 | 7.5898 | 7.8547 | 13.7693 | 5.7077 | 65.0782 | 0.0000 |
| 2 | 6.1235 | 5.5594 | 9.9192 | 12.1229 | 64.1302 | 2.1445 |
| 3 | 9.6528 | 7.3372 | 8.4697 | 14.4198 | 56.5715 | 3.5488 |
| 4 | 12.8807 | 11.0604 | 7.6371 | 13.5376 | 50.9729 | 3.9111 |
| 5 | 13.9424 | 14.1098 | 7.1548 | 12.5777 | 48.3448 | 3.8703 |
| Variance Decomposition of lnBANK | ||||||
| 1 | 12.4784 | 15.2625 | 7.6285 | 0.0230 | 3.1614 | 61.4459 |
| 2 | 11.2947 | 14.9133 | 7.3082 | 0.0563 | 1.6239 | 64.8033 |
| 3 | 9.0943 | 15.6540 | 6.6952 | 0.5411 | 1.3821 | 66.6329 |
| 4 | 7.0093 | 17.5619 | 6.1106 | 0.9406 | 1.2265 | 67.1528 |
| 5 | 5.4646 | 20.0844 | 5.5347 | 1.1329 | 0.9984 | 66.7848 |
| Period | lnSMD | lnFDI | lnEXR | lnINF | lnINT | lnBANK |
|---|---|---|---|---|---|---|
| 1 | 100.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| 2 | 69.3206 | 2.5051 | 8.3353 | 5.9691 | 6.5540 | 7.3157 |
| 3 | 51.0144 | 2.9590 | 12.0309 | 10.9390 | 9.6412 | 13.3852 |
| 4 | 42.2132 | 2.4781 | 13.4101 | 13.1101 | 10.6558 | 18.1325 |
| 5 | 38.0355 | 2.4762 | 13.5711 | 13.6922 | 10.5037 | 21.7210 |
| 1 | 20.5050 | 79.4949 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| 2 | 16.6890 | 70.6067 | 0.1318 | 4.8212 | 7.6883 | 0.0627 |
| 3 | 15.0104 | 68.2330 | 1.5781 | 4.5570 | 10.1751 | 0.4462 |
| 4 | 14.9338 | 65.8951 | 2.7409 | 4.4939 | 10.9804 | 0.9555 |
| 5 | 15.5826 | 63.8616 | 3.6968 | 4.4409 | 10.7351 | 1.6827 |
| 1 | 0.4343 | 2.1178 | 97.4477 | 0.0000 | 0.0000 | 0.0000 |
| 2 | 2.3302 | 10.7338 | 67.6146 | 9.9594 | 5.8804 | 3.4813 |
| 3 | 4.0528 | 19.2991 | 57.4804 | 8.0264 | 4.6911 | 6.4499 |
| 4 | 4.7461 | 27.1905 | 47.7764 | 6.7199 | 3.9881 | 9.5788 |
| 5 | 4.5172 | 32.1347 | 41.0604 | 5.7927 | 3.9165 | 12.5784 |
| 1 | 0.3793 | 7.6673 | 0.3691 | 91.5841 | 0.0000 | 0.0000 |
| 2 | 0.2627 | 7.9345 | 12.0246 | 76.9375 | 0.4073 | 2.4331 |
| 3 | 0.2768 | 6.8862 | 16.2339 | 72.5738 | 0.4482 | 3.5808 |
| 4 | 0.3614 | 6.4997 | 18.3512 | 70.1108 | 0.4776 | 4.1990 |
| 5 | 0.4874 | 6.4151 | 19.0782 | 69.0580 | 0.4861 | 4.4748 |
| 1 | 7.5898 | 7.8547 | 13.7693 | 5.7077 | 65.0782 | 0.0000 |
| 2 | 6.1235 | 5.5594 | 9.9192 | 12.1229 | 64.1302 | 2.1445 |
| 3 | 9.6528 | 7.3372 | 8.4697 | 14.4198 | 56.5715 | 3.5488 |
| 4 | 12.8807 | 11.0604 | 7.6371 | 13.5376 | 50.9729 | 3.9111 |
| 5 | 13.9424 | 14.1098 | 7.1548 | 12.5777 | 48.3448 | 3.8703 |
| 1 | 12.4784 | 15.2625 | 7.6285 | 0.0230 | 3.1614 | 61.4459 |
| 2 | 11.2947 | 14.9133 | 7.3082 | 0.0563 | 1.6239 | 64.8033 |
| 3 | 9.0943 | 15.6540 | 6.6952 | 0.5411 | 1.3821 | 66.6329 |
| 4 | 7.0093 | 17.5619 | 6.1106 | 0.9406 | 1.2265 | 67.1528 |
| 5 | 5.4646 | 20.0844 | 5.5347 | 1.1329 | 0.9984 | 66.7848 |
Note(s): Cholesky Ordering: LNSMD LNFDI LNEXR LNINF LNINT LNBANK
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