Table 4 Fixed coefficient cointegration... | Emerald Publishing

Table 4

Fixed coefficient cointegration for gold price and exchange rate

Coefficients	Gold prices		Exchange rates
Coefficients	Estimates	t-value	Estimates	t-value
τ	24.8509^*1	3.0318	94.8905^*1	32.5734
β	−0.00377	−0.6158	−0.00153	−0.6982
γ	0.17454	0.5397	0.03317	0.2881
ξ	−0.4455^*1	−2.1478	0.1553^*1	2.0969
α	0.00281	0.4848	0.00042	0.20348
Long-run variances of the CCR errors
ω²	0.10734		0.01442

Coefficients	Gold prices		Exchange rates
Coefficients	Estimates	t-value	Estimates	t-value
τ	24.8509^*1	3.0318	94.8905^*1	32.5734
β	−0.00377	−0.6158	−0.00153	−0.6982
γ	0.17454	0.5397	0.03317	0.2881
ξ	−0.4455^*1	−2.1478	0.1553^*1	2.0969
α	0.00281	0.4848	0.00042	0.20348
Long-run variances of the CCR errors
ω²	0.10734		0.01442

Note(s): *1 denotes the significance at the 1% level of Z_t value