### Table 1. Estimates of the Cointegrating Vector for Example 1

"... In PAGE 9: ... =(1, -2.0003)T in this example. It is worth noting that if inappropriate ARIMA models are used to t the time series an inaccurate estimate of the cointegrating vector will, in all likelihood, be obtained. This may be seen in Table1 where the most accurate estimate of the cointegrating vector is obtained when both time series are tted correctly. Table 1.... ..."

### Table 2: Cointegration vectors 2 4 ^ 0

"... In PAGE 16: ... Strictly, no test is signi cant, but that may be due to the small sample size: two of the eigenvalues are quite large at over 0:3. Next, Table2 shows the two eigenvectors corresponding to the two largest eigenvalues. The vector estimated in (32) does not lie in the cointegration space, as assuming there are two cointegration vectors, 2(3) = 16:9.... ..."

### Table 2 Uniquely identified cointegrating vectors

"... In PAGE 19: ... Obviously, economic theory considerations should play a major role in determining these restrictions, so that interest lies in whether a long-run demand for money function and an aggregate supply function linking the price level and output can be uniquely identified. Table2 presents the unique cointegrating vectors thus identified. As the trend also appears in these vectors, its omission is a further over-identifying restriction.... ..."

### Table 5: Estimates of Structural Cointegrating Vectors

"... In PAGE 16: ... The exception is a borderline rejection when the trace statistic is used without the degrees-of-freedom correction. Table5 displays our estimates of the cointegrating vectors for the 3-trend and 2-trend specifications. Recall that, according to the theoretical model of section 2, in both vectors the coefficients on output and government size should be -1 and 1, respectively.... ..."

### Table 5: Tests of restrictions on cointegrating vectors

"... In PAGE 16: ...g., Johansen and Juselius, 1992), reported in Table5 , indicate that no cointegration seems to exist among sectors of Industry, while there is cointegration among Transport and Trade, and among Finance and Other services. Moreover, there exists a cointegration relationship consistent with a unitary long-run elasticity of Transport with respect to Trade.... ..."

### Table 2.4 Cointegrating vector

in Members

"... In PAGE 17: ... While the differences between the farm and the non-farm sectors come up fairly clearly, there is much that needs to be explored further within the vastly heterogeneous non-farm sector. Table2 moves one step forward in that direction and informs us of the educational background of workers engaged in the nine broad sectors of the Indian economy. As in Table 1, here too, a three-layered educational classification of workers (non-iterate, semi-educated and educated) is adopted.... In PAGE 17: ... Again, the picture relates to the aggregate of workers; male-female and rural-urban differences are not considered. Table2 throws up many interesting insights about the non-farm sectors. First, the proportion of non-literate workers has witnessed a varying degree of decline, first between 1983 and 1993-94, and then between 1993-94 and 2004-05, in each sector of the Indian economy, including agriculture.... In PAGE 122: ... Here, we use FDI as the dependent variable and the seven variables (GDP, Openness, Debt/ GDP ratio, Foreign Exchange Reserves, REER, DTSER/Export and Infra/GDP) as the independent predictor variables. Table2 depicts the summary results of multiple regression model and F ratios were found significant at one per cent level in all the five models, which implies the existence of linear relationship between the independent variables and foreign direct investment (FDI) inflows in India. Hence, there is a strong evidence of a linear relationship between FDI and economic variables.... In PAGE 124: ...997 0.000 Predictors:(constant) GDP, openness, DEBT/GDP, FOREX, REER, 1 DTSER/ Export, Infrastructure Predictors:(constant) GDP, openness, DEBT/GDP, FOREX, REER, 2 Infrastructure 3 Predictors:(constant) GDP, openness, FOREX, REER, Infrastructure 4 Predictors:(constant) GDP, FOREX, REER, Infrastructure 5 Predictors:(constant) GDP, FOREX, REER 6 Dependent Variable: FDI Inflows in India Table2 offers that the values of Adjusted Coefficient of determination (R2) and R2 without adjustment are above 0.... ..."

### Table 6: Estimates of the restricted cointegration vectors 0

### Table 2: Cointegration Tests

"... In PAGE 7: ...Cointegration The results of applying the Johansen procedure to an export pricing equation in which the mark-up on domestic costs depends on international competitiveness are summarised in the upper panel of Table2 . Using a literal interpretation of the critical values, both tests suggest a unique cointegrating vector at most lags, but the normalised parameters are sensitive to specification.... In PAGE 7: ... In contrast the cost coefficients, especially on materials costs, are much better behaved at credible lags. Table2 here The expected coefficients on the exchange rate a nd world prices are identical, and that hypothesis cannot be rejected at any lag. However, imposing the restriction produced a perverse sign on the sum of these variables at all lags.... In PAGE 7: ... The evident conclusion is that the mark-up is not responsive to international competitiveness, at least as measured here. The alternative of a fixed mark-up is examined in the lower panel of Table2 , on the same literal interpretation of significance. The test results and the parameter estimates remain robust.... ..."

### Table 2: Cointegration Coefficients Argentina10 Mexico Brazil Venezuela

2002

"... In PAGE 9: ...9 This finding is in line with theoretical arguments of the pull/push factor approach, where capital flows to receiving countries increase if perceived country risk is low and if interest rate in the creditor country are low. Table2 reports the coefficients of the cointegration vectors and Table 3 reports the adjustment coefficients to the cointegration relationships. We find for Argentina, Mexico and Brazil that capital flows and not country risk is adjusting to a disequilibrium position, indicating that country risk is driving capital flows and not the reverse.... ..."

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