Table A1 Lag selection Region lags LL LR...

Table A1

Lag selection

Region	lags	LL	LR	FPE	AIC	HQIC	SBIC
Andean	0	141.199		1.90E-08	−12.1043	−12.0794	−12.0055
	1	143.787	5.1759	2.20E-08	−11.9815	−11.907	−11.6853
	2	157.382	27.191	9.40E-09	−12.8159	−12.6917	−12.3222*
	3	161.915	9.0654	9.30E-09	−12.8622	−12.6884	−12.171
	4	167.718	11.606*	8.3e-09*	−13.019*	−12.7955*	−12.1303
Three	0	138.415		2.40E-08	−11.8622	−11.8373	−11.7634
	1	143.205	9.5791	2.30E-08	−11.9308	−11.8563	−11.6346
	2	155.368	24.327	1.1e-08*	−12.6407	−12.5165*	−12.147*
	3	158.52	6.3036	1.20E-08	−12.5669	−12.3931	−11.8758
	4	163.811	10.583*	1.20E-08	−12.6792*	−12.4557	−11.7906
Caribbean	0	120.495		1.10E-07	−10.3039	−10.2791*	−10.2052*
	1	122.19	3.3898	1.40E-07	−10.1035	−10.029	−9.80727
	2	128.662	12.943*	1.1e-07*	−10.3184*	−10.1942	−9.82471
	3	130.818	4.3133	1.40E-07	−10.1581	−9.98429	−9.46694
	4	133.985	6.3339	1.60E-07	−10.0857	−9.86218	−9.19703
Pacific	0	125.496		7.40E-08	−10.7388	−10.714	−10.6401*
	1	131.304	11.616	6.40E-08	−10.896	−10.8215	−10.5998
	2	134.633	6.6578	6.80E-08	−10.8377	−10.7135	−10.344
	3	138.055	6.8433	7.40E-08	−10.7874	−10.6135	−10.0962
	4	145.671	15.232*	5.6e-08*	−11.1018*	−10.8783*	−10.2132
Others	0	98.9389		7.50E-07	−8.42947	−8.40464	−8.33073
	1	102.202	6.5271	8.00E-07	−8.36543	−8.29094	−8.06922
	2	117.887	31.369*	2.9e-07*	−9.38146	−9.2573*	−8.88777*
	3	122.013	8.2523	3.00E-07	−9.39243*	−9.2186	−8.70126
	4	123.239	2.4526	4.00E-07	−9.15124	−8.92775	−8.26259
Total	0	153.8		6.30E-09	−13.2	−13.1752	−13.1013
	1	157.141	6.682	6.70E-09	−13.1427	−13.0682	−12.8465
	2	167.087	19.892*	4.1e-09*	−13.6597*	−13.5356*	−13.166*
	3	170.63	7.0855	4.30E-09	−13.62	−13.4461	−12.9288
	4	172.322	3.3851	5.60E-09	−13.4193	−13.1958	−12.5307

Region	lags	LL	LR	FPE	AIC	HQIC	SBIC
Andean	0	141.199		1.90E-08	−12.1043	−12.0794	−12.0055
	1	143.787	5.1759	2.20E-08	−11.9815	−11.907	−11.6853
	2	157.382	27.191	9.40E-09	−12.8159	−12.6917	−12.3222*
	3	161.915	9.0654	9.30E-09	−12.8622	−12.6884	−12.171
	4	167.718	11.606*	8.3e-09*	−13.019*	−12.7955*	−12.1303
Three	0	138.415		2.40E-08	−11.8622	−11.8373	−11.7634
	1	143.205	9.5791	2.30E-08	−11.9308	−11.8563	−11.6346
	2	155.368	24.327	1.1e-08*	−12.6407	−12.5165*	−12.147*
	3	158.52	6.3036	1.20E-08	−12.5669	−12.3931	−11.8758
	4	163.811	10.583*	1.20E-08	−12.6792*	−12.4557	−11.7906
Caribbean	0	120.495		1.10E-07	−10.3039	−10.2791*	−10.2052*
	1	122.19	3.3898	1.40E-07	−10.1035	−10.029	−9.80727
	2	128.662	12.943*	1.1e-07*	−10.3184*	−10.1942	−9.82471
	3	130.818	4.3133	1.40E-07	−10.1581	−9.98429	−9.46694
	4	133.985	6.3339	1.60E-07	−10.0857	−9.86218	−9.19703
Pacific	0	125.496		7.40E-08	−10.7388	−10.714	−10.6401*
	1	131.304	11.616	6.40E-08	−10.896	−10.8215	−10.5998
	2	134.633	6.6578	6.80E-08	−10.8377	−10.7135	−10.344
	3	138.055	6.8433	7.40E-08	−10.7874	−10.6135	−10.0962
	4	145.671	15.232*	5.6e-08*	−11.1018*	−10.8783*	−10.2132
Others	0	98.9389		7.50E-07	−8.42947	−8.40464	−8.33073
	1	102.202	6.5271	8.00E-07	−8.36543	−8.29094	−8.06922
	2	117.887	31.369*	2.9e-07*	−9.38146	−9.2573*	−8.88777*
	3	122.013	8.2523	3.00E-07	−9.39243*	−9.2186	−8.70126
	4	123.239	2.4526	4.00E-07	−9.15124	−8.92775	−8.26259
Total	0	153.8		6.30E-09	−13.2	−13.1752	−13.1013
	1	157.141	6.682	6.70E-09	−13.1427	−13.0682	−12.8465
	2	167.087	19.892*	4.1e-09*	−13.6597*	−13.5356*	−13.166*
	3	170.63	7.0855	4.30E-09	−13.62	−13.4461	−12.9288
	4	172.322	3.3851	5.60E-09	−13.4193	−13.1958	−12.5307

Note(s): Akaike's information criterion (AIC), Schwarz's Bayesian information criterion (SBIC) and the Hannan and Quinn information criterion (HQIC)

*Lag selection

Source(s): Authors’ calculation

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