Test of parameter stability
| Tests | GDP | DEF | VAR system | |||
|---|---|---|---|---|---|---|
| LR statistic | p-value | LR statistic | p-value | LR statistic | p-value | |
| Sup-F | 39.6077*** | 0.0000 | 32.2015*** | 0.0000 | 52.4133*** | 0.000 |
| Ave-F | 15.7373*** | 0.0000 | 14.3697*** | 0.0000 | 23.9567*** | 0.000 |
| Exp-F | 15.9350*** | 0.0000 | 12.5108*** | 0.0000 | 22.3371*** | 0.000 |
| Lc | 4.1092*** | 0.005 | ||||
| Tests | VAR system | |||||
|---|---|---|---|---|---|---|
| LR statistic | LR statistic | LR statistic | ||||
| 39.6077*** | 0.0000 | 32.2015*** | 0.0000 | 52.4133*** | 0.000 | |
| 15.7373*** | 0.0000 | 14.3697*** | 0.0000 | 23.9567*** | 0.000 | |
| 15.9350*** | 0.0000 | 12.5108*** | 0.0000 | 22.3371*** | 0.000 | |
| 4.1092*** | 0.005 | |||||
Note(s): probability values were generating by employing 10,000 bootstrap repetitions; *** denotes 1% level of statistical significance
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