that while significant reforms can be made in the absence of such a union, there are likely to be considerable benefits that apply only after full integration of
ASEAN takes place Chaudhury, 2009.
4.2 Data Analysis
4.2.1 Raw Data Analysis
Data that are used in this research is a secondary data, which is collected in a form of literature data that are related to this research. Shape literature data that
we use in this research are; note, document, and also article data. All the data that we gained latter we will manage and process it in order to match it to answer out
research question and objectives. For this research purpose we require data from UNDIP Diponegoro University Library at Semarang City to get the International
Financial Statistics of IMF 2004 and we also surfing searching data on-line through internet until finally we found Nation Master, UN data, Asian
Development Bank, CIA World Fact book that help us to complete the data that we gained before from UNDIP library. Data that we have collected from
International Financial Statistics of IMF 2004 and Nation Master, UN data, Asian Development Bank, CIA World Fact book are; 1 Consumer Price Index CPI, 2
Nominal exchange rate, 3 Export, 4 Import, 5 Population, 6 Gross Domestic Product GDP.
Methodology that used in this research consists of the EMU European Monetary Union model principle in launching their single currency Pitchford and
Cox, 1997 excerpt from Rasheed and Ahmed, 2007 and the sigma convergence model Chowdhury, 2004 excerpt from Rasheed and Ahmed, 2007. Pitchford
and Cox, 1997 excerpt from Rasheed and Ahmed, 2007 edited the European Monetary Union EMU principles for launching single currency for Europe.
According to the editors the indicators like real income per capita, call money rate, consumer price index, real exchange rate, exports, imports and balance of
payments are vital. In our study we have included the volume of trade both for the country specific and as a world relative index. They used the following data series
to apply the beta convergence criteria to evaluate the possibility of the formation of a single currency in the Asia. The list of the selected variables is as follows;
xiv. Consumer Price Index CPI
xv. Real Exchange Rate in US dollars RER
xvi. Growth rates of Foreign Exchange Reserves GFER
xvii. Growth rates of Real Volume of Trade GRVT
xviii. Growth rates of Real Relative Volume of Trade GRRVT
xix. Growth rates of Per Capita Real GDP at factor cost GRYPC
Where; GRYPC
= Growth rate of GDP population RER
= Nominal Exchange Rate CPI
US
CPI GRVT
= Growth rates of {Exports + ImportsCPI} GRRVT
= Growth rates of {Exports + ImportsCPI}
{Exports
W
+ Imports
W
CPI
W
} Note;
W = indicating world
US = United State country Raw data in this research is gain through several process calculations of
data collection from secondary data source, as describe on above explanation, because of that reason data collecting process journey is not as simple as imagine,
and here are the raw data analysis of this research study;
7 Consumer price indices CPI of ASEAN-10 Analysis 1992-2009
Consumer price indices in this research means as an inflationary indicator that measures the change in the cost of a fixed basket of products
and services, including; housing, electricity, food, and transportation. Consumer price indices is also mean as an index of prices used to measure the
change in the cost of basic goods and services in comparison with a fixed base period, which is also called, cost-of-living-index. In this research CPI of
ASEAN-10 that consist: Indonesia, Malaysia, Singapore, Thailand, Philippines, Vietnam, Laos, Cambodia, Myanmar, Brunei Darussalam are
selected as raw data. For this panel data regression purpose to sigma convergence, the period of time is divided into 1992-2006 as CPI z and 1995-
2009 as CPI w. Eviews-6 provides tools for displaying time series graphs with panel
data. Figure 4.1 and 4.2 is a combined a cross sectional graph which displays separate lines for each cross-section in a single graph. Figure 4.3 and 4.4 is
individual cross sections displays separate time series graphs for each cross- section. Combined cross section graph and individual cross sections graph are
a single graph containing the summary of statistics for each period.
Figure 4.1 and 4.2 show that in general the summary of statistics of both periods of observation are similar. It means that the selection period is
good for regression. Indonesia CPI is described as the only one which has the same
Individual cross sectional graph on both periods of time. Indonesia CPI shape is stays the same, whether it observed far from crisis or close to crisis year
see Figure 4.3 and 4.4.
Figure 4.1 CPI Combined Cross Section Grap
Source: Eviews-6, 2
200 400
600 800
1,000
1 - 9
2 1
- 0 2
- 9 3
2 - 0
1 3
- 9 4
3 - 0
2 4
- 9 5
4 - 0
3 5
- 9 6
5 - 0
4 6
- 9 7
6 - 0
5 7
- 9 8
7 - 0
6 8
- 9 9
9 - 9
2 9
- 0 10
- 93
10 -
01
CPIZ
Figure 4.2 CPI Combined Cross Section Graph 1995-2009.
Source: Eviews-6, 2010.
200 400
600 800
1,000
1 - 9
5
1 - 0
3
2 - 9
6
2 - 0
4
3 - 9
7
3 - 0
5
4 - 9
8
4 - 0
6
5 - 9
9
5 - 0
7
6 - 0
6 - 0
8
7 - 0
1
7 - 0
9
8 - 0
2
9 - 9
5
9 - 0
3
10 -
96 10
- 04
CPIW
Figure 4.3 CPI Individual Cross Section Graph 1992-2006.
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
100 200
300 400
500
1992 1994 1996 1998 2000 2002 2004 2006
1
80 100
120 140
160
1992 1994 1996 1998 2000 2002 2004 2006
2
95 100
105 110
115 120
1992 1994 1996 1998 2000 2002 2004 2006
3
80 100
120 140
160
1992 1994 1996 1998 2000 2002 2004 2006
4
100 120
140 160
180 200
220
1992 1994 1996 1998 2000 2002 2004 2006
5
200 400
600 800
1,000
1992 1994 1996 1998 2000 2002 2004 2006
6
84 88
92 96
100 104
1992 1994 1996 1998 2000 2002 2004 2006
7
40 80
120 160
1992 1994 1996 1998 2000 2002 2004 2006
8
200 400
600 800
1,000
1992 1994 1996 1998 2000 2002 2004 2006
9
100 200
300 400
500
1992 1994 1996 1998 2000 2002 2004 2006
10
CPIZ
Figure 4.4 CPI Individual Cross Section Graph 1995-2009.
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
100 200
300 400
500
1996 1998 2000 2002 2004 2006 2008
1
80 100
120 140
160
1996 1998 2000 2002 2004 2006 2008
2
95 100
105 110
115 120
1996 1998 2000 2002 2004 2006 2008
3
80 100
120 140
160
1996 1998 2000 2002 2004 2006 2008
4
100 120
140 160
180 200
220
1996 1998 2000 2002 2004 2006 2008
5
200 400
600 800
1,000
1996 1998 2000 2002 2004 2006 2008
6
92 96
100 104
108
1996 1998 2000 2002 2004 2006 2008
7
25 50
75 100
125 150
1996 1998 2000 2002 2004 2006 2008
8
200 400
600 800
1,000
1996 1998 2000 2002 2004 2006 2008
9
100 200
300 400
500
1996 1998 2000 2002 2004 2006 2008
10
CPIW
8 Real exchange rates in US Dollar RER of ASEAN-10 Analysis
1992-2009
Real exchange rates in US Dollar in this research means as the price of one currency expressed in terms of U.S. Dollar which is adjusted for
inflation. In this research RER of ASEAN-10 that consist: Indonesia, Malaysia, Singapore, Thailand, Philippines, Vietnam, Laos, Cambodia,
Myanmar, Brunei Darussalam are selected as raw data. For this panel data regression purpose to sigma convergence, the period of time is divided into
1992-2006 as RER 1 and 1995-2009 as RER 2. Eviews-6 provides tools for displaying time series graphs with panel
data. Figure 4.5 and 4.6 are cross sections graph which displays separate lines for each cross-section in a single graph. Figure 4.7 and 4.8 are individual
cross sections, which display separate time series graphs for each cross- section. Combined cross section graph and individual cross sections graph are
a single graph containing summary statistics for each period. Figure 4.5 and 4.6 show that in general the summary statistics of both
periods of observation are similar, it means that the selection period is good for regress.
Malaysia, Singapore, and Thailand RER’s are described as the only countries which have the same Individual cross section graph on both periods
of time, whereas: Malaysia, Singapore, and Thailand RER’s shape stay the same, whether it was far from crisis or close to crisis year see Figure 4.7 and
4.8.
Figure 4.5 RER Combined Cross Section Graph 1992-2006.
Source: Eviews-6, 2010.
Figure 4.6 RER Combined Cross Section Graph 1996-2009
Source: Eviews-6, 2010. 200,000
400,000 600,000
800,000 1,000,000
1,200,000 1,400,000
1,600,000
1 - 9
2 1
- 0 2
- 9 3
2 - 0
1 3
- 9 4
3 - 0
2 4
- 9 5
4 - 0
3 5
- 9 6
5 - 0
4 6
- 9 7
6 - 0
5 7
- 9 8
7 - 0
6 8
- 9 9
9 - 9
2 9
- 0 10
- 93
10 -
01
RER1
200,000 400,000
600,000 800,000
1,000,000 1,200,000
1,400,000 1,600,000
1 - 9
5 1
- 0 3
2 - 9
6 2
- 0 4
3 - 9
7 3
- 0 5
4 - 9
8 4
- 0 6
5 - 9
9 5
- 0 7
6 - 0
6 - 0
8 7
- 0 1
7 - 0
9 8
- 0 2
9 - 9
5 9
- 0 3
10 -
96 10
- 04
RER2
Figure 4.7 RER Individual Cross Section Graph 1992-2006.
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
2,000 4,000
6,000 8,000
10,000 12,000
14,000
1992 1994 1996 1998 2000 2002 2004 2006
1
4 6
8 10
12
1992 1994 1996 1998 2000 2002 2004 2006
2
2.8 3.2
3.6 4.0
4.4 4.8
5.2
1992 1994 1996 1998 2000 2002 2004 2006
3
40 60
80 100
120
1992 1994 1996 1998 2000 2002 2004 2006
4
30 40
50 60
70 80
90
1992 1994 1996 1998 2000 2002 2004 2006
5
5,000 10,000
15,000 20,000
25,000
1992 1994 1996 1998 2000 2002 2004 2006
6
1.8 2.0
2.2 2.4
2.6 2.8
3.0 3.2
1992 1994 1996 1998 2000 2002 2004 2006
7
250,000 500,000
750,000 1,000,000
1,250,000 1,500,000
1992 1994 1996 1998 2000 2002 2004 2006
8
2 4
6 8
10 12
1992 1994 1996 1998 2000 2002 2004 2006
9
5,000 10,000
15,000 20,000
25,000
1992 1994 1996 1998 2000 2002 2004 2006
10
RER1
Figure 4.8 RER Individual Cross Section Graph 1995-2009.
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
4,000 8,000
12,000 16,000
20,000
1996 1998 2000 2002 2004 2006 2008
1
4 6
8 10
12
1996 1998 2000 2002 2004 2006 2008
2
2.5 3.0
3.5 4.0
4.5 5.0
5.5
1996 1998 2000 2002 2004 2006 2008
3
40 60
80 100
120
1996 1998 2000 2002 2004 2006 2008
4
30 40
50 60
70 80
90
1996 1998 2000 2002 2004 2006 2008
5
5,000 10,000
15,000 20,000
25,000
1996 1998 2000 2002 2004 2006 2008
6
1.6 2.0
2.4 2.8
3.2
1996 1998 2000 2002 2004 2006 2008
7
250,000 500,000
750,000 1,000,000
1,250,000 1,500,000
1996 1998 2000 2002 2004 2006 2008
8
2 4
6 8
10 12
1996 1998 2000 2002 2004 2006 2008
9
5,000 10,000
15,000 20,000
25,000
1996 1998 2000 2002 2004 2006 2008
10
RER2
9 Growth rates of foreign exchange reserves GFER of ASEAN-10
Analysis 1992-2009
Growth rates of foreign exchange reserves in this research means the amount of increase a deposit of a foreign currency of other countries as assets
allow government to keep their currencies stable and reduce the effect of economic shocks. In this research GFER of ASEAN-10 that consist:
Indonesia, Malaysia, Singapore, Thailand, Philippines, Vietnam, Laos, Cambodia, Myanmar, Brunei Darussalam are selected as raw data in this
research study. For this panel data regression purpose to sigma convergence, the period of time is divided into 1992-2006 as GFER 10A and 1993-2007 as
GFER 10B. Eviews-6 provides tools for displaying time series graphs with panel
data. Figure 4.9 and 4.10 is a combined cross sectional graph which displays separate lines for each cross-section in a single graph. Figure 4.11 and 4.12
are individual cross section which displays separate time series graphs for each cross-section. Combined cross section graph and individual cross
sections graph a single graph containing summary statistics for each period. Figure 4.9 and 4.10 show that in general the summary statistics of both
periods of observation are similar, it means that the selection period is good for regress.
Indonesia GFER for regression is described as the only country which has the same Individual cross section graph on both periods of time, whereas
described that Indonesia GFER’s shape stay the same, whether it observed far from crisis or close to crisis year see Figure 4.11 and 4.12.
Figure 4.9 GFER Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010.
Figure 4.10 GFER Combined Cross Section Graph 1993-2007
Source: Eviews-6, 2010.
-400 400
800 1,200
1,600 2,000
1 - 9
2 1
- 0 2
- 9 3
2 - 0
1 3
- 9 4
3 - 0
2 4
- 9 5
4 - 0
3 5
- 9 6
5 - 0
4 6
- 9 7
6 - 0
5 7
- 9 8
7 - 0
6 8
- 9 9
9 - 9
2 9
- 0 10
- 93
10 -
01 GFER10A
-200 200
400 600
800 1,000
1,200
1 - 9
3 1
- 0 1
2 - 9
4 2
- 0 2
3 - 9
5 3
- 0 3
4 - 9
6 4
- 0 4
5 - 9
7 5
- 0 5
6 - 9
8 6
- 0 6
7 - 9
9 7
- 0 7
8 - 0
9 - 9
3 9
- 0 1
10 -
94 10
- 02
GFER10B
Figure 4.11 GFER Individual Cross Section Graph 1992-2006
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
-20 -10
10 20
30 40
1992 1994 1996 1998 2000 2002 2004 2006
1
-40 -20
20 40
60 80
1992 1994 1996 1998 2000 2002 2004 2006
2
-10 10
20 30
1992 1994 1996 1998 2000 2002 2004 2006
3
-40 -20
20 40
1992 1994 1996 1998 2000 2002 2004 2006
4
-40 -20
20 40
60
1992 1994 1996 1998 2000 2002 2004 2006
5
-40 40
80 120
1992 1994 1996 1998 2000 2002 2004 2006
6
-400 400
800 1,200
1992 1994 1996 1998 2000 2002 2004 2006
7
-80 -40
40 80
120
1992 1994 1996 1998 2000 2002 2004 2006
8
-400 400
800 1,200
1,600 2,000
1992 1994 1996 1998 2000 2002 2004 2006
9
-200 200
400 600
1992 1994 1996 1998 2000 2002 2004 2006
10
GFER10A
Figure 4.12 GFER Individual Cross Section Graph 1993-2007
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
-20 -10
10 20
30 40
1994 1996 1998 2000 2002 2004 2006
1
-40 -20
20 40
60 80
1994 1996 1998 2000 2002 2004 2006
2
-10 10
20 30
1994 1996 1998 2000 2002 2004 2006
3
-40 -20
20 40
1994 1996 1998 2000 2002 2004 2006
4
-40 -20
20 40
60
1994 1996 1998 2000 2002 2004 2006
5
-40 40
80 120
1994 1996 1998 2000 2002 2004 2006
6
-400 400
800 1,200
1994 1996 1998 2000 2002 2004 2006
7
-80 -40
40 80
120
1994 1996 1998 2000 2002 2004 2006
8
-40 40
80 120
1994 1996 1998 2000 2002 2004 2006
9
-200 200
400 600
1994 1996 1998 2000 2002 2004 2006
10
GFER10B
10 Growth rates of real volume of trade GRVT of ASEAN-10
Analysis 1992-2009
Growth rates of real volume of trade in this research means the amount of increase the number of shares, bonds or contracts, traded during a
given period, for a security, or an entire exchange that adjusted for inflation. In this research GRVT of ASEAN-10 that consist: Indonesia, Malaysia,
Singapore, Thailand, Philippines, Vietnam, Laos, Cambodia, Myanmar, Brunei Darussalam are selected as raw data. For this panel data regression
purpose to sigma convergence, the period of time is divided into 1992-2006 as GRVT 1 and 1995-2009 as GRVT 2.
Eviews-6 provides tools for displaying time series graphs with panel data. Figure 4.13 and 4.14 are a combined a cross sectional graph which
display separate lines for each cross-section in a single graph. Figure 4.15 and 4.16 are individual cross sections which display separate time series graphs
for each cross-section. Combined cross section graph and individual cross sections graph are a single graph containing the summary of statistics for each
period. Figure 4.13 and 4.14 show in general the summary of statistics of both
periods of observation are similar, It means that the selection period is good for regression.
All ASEAN countries that consist: Indonesia, Malaysia, Singapore, Philippines, Thailand, Vietnam, Laos, Myanmar, Brunei Darussalam,
Cambodia, are dynamics GRVT individual cross sectional graph on both
period of time, whereas described that all ASEAN countries GRVT’s shape is dynamics, while it observed far from crisis or close to crisis year see Figure
4.15 and 4.16.
Figure 4.13 GRVT Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010.
Figure 4.14 GRVT Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010.
-10,000 10,000
20,000 30,000
40,000 50,000
1 - 9
2 1
- 0 2
- 9 3
2 - 0
1 3
- 9 4
3 - 0
2 4
- 9 5
4 - 0
3 5
- 9 6
5 - 0
4 6
- 9 7
6 - 0
5 7
- 9 8
7 - 0
6 8
- 9 9
9 - 9
2 9
- 0 10
- 93
10 -
01 GRVT1
-10,000 10,000
20,000 30,000
40,000 50,000
1 - 9
5 1
- 0 3
2 - 9
6 2
- 0 4
3 - 9
7 3
- 0 5
4 - 9
8 4
- 0 6
5 - 9
9 5
- 0 7
6 - 0
6 - 0
8 7
- 0 1
7 - 0
9 8
- 0 2
9 - 9
5 9
- 0 3
10 -
96 10
- 04
GRVT2
Figure 4.15 GRVT Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
-100 100
200 300
400
1992 1994 1996 1998 2000 2002 2004 2006
1
-80 -40
40 80
120
1992 1994 1996 1998 2000 2002 2004 2006
2
-80 -40
40 80
120
1992 1994 1996 1998 2000 2002 2004 2006
3
-100 -50
50 100
150 200
1992 1994 1996 1998 2000 2002 2004 2006
4
-40 -20
20 40
60 80
100
1992 1994 1996 1998 2000 2002 2004 2006
5
-10,000 10,000
20,000 30,000
40,000 50,000
1992 1994 1996 1998 2000 2002 2004 2006
6
-40 -20
20 40
60
1992 1994 1996 1998 2000 2002 2004 2006
7
-400 400
800 1,200
1,600
1992 1994 1996 1998 2000 2002 2004 2006
8
-800 -400
400 800
1992 1994 1996 1998 2000 2002 2004 2006
9
-200 200
400 600
800 1,000
1992 1994 1996 1998 2000 2002 2004 2006
10
GRVT1
Figure 4.16 GRVT Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
-100 100
200 300
400
1996 1998 2000 2002 2004 2006 2008
1
-200 200
400 600
800
1996 1998 2000 2002 2004 2006 2008
2
-80 -40
40 80
120
1996 1998 2000 2002 2004 2006 2008
3
-100 -50
50 100
150 200
1996 1998 2000 2002 2004 2006 2008
4
-200 -150
-100 -50
50 100
1996 1998 2000 2002 2004 2006 2008
5
-10,000 10,000
20,000 30,000
40,000 50,000
1996 1998 2000 2002 2004 2006 2008
6
-40 40
80 120
160
1996 1998 2000 2002 2004 2006 2008
7
-400 400
800 1,200
1,600
1996 1998 2000 2002 2004 2006 2008
8
-200 200
400 600
800
1996 1998 2000 2002 2004 2006 2008
9
-200 200
400 600
800 1,000
1996 1998 2000 2002 2004 2006 2008
10
GRVT2
11 Growth rate of a real relative volume of trade GRRVT of
ASEAN-10 Analysis 1992-2009
Growth rate of a real relative volume of trade in this research means the amount of increases a measurement of one investment or financial
instruments value relative to another’s in the number of shares, bonds, or contracts which is, traded during a given period for a security or an entire
exchange that adjusted for inflation. In this research GRRVT of ASEAN-10 that consist: Indonesia, Malaysia, Singapore, Thailand, Philippines, Vietnam,
Laos, Cambodia, Myanmar, Brunei Darussalam are selected as raw data. For this panel data regression purpose to sigma convergence, the period of time is
divided into 1992-2006 GRRVT 1 and 1995-2009 GRRVT 2. Eviews-6 provides tools for displaying time series graphs with panel
data. Figure 4.17 and 4.18 is a combined a cross sectional graph which displays separate lines for each cross-section in a single graph. Figure 4.19
and 4.20 is individual cross sections displays separate time series graphs for each cross-section. Combined cross section graph and individual cross
sections graph are a single graph containing the summary of statistics for each period.
Figure 4.17 and 4.18 show that in general the summary of statistics of both periods of observation are similar. It means that the selection period is
good for regression.
Vietnam GRRVT is described as the only countries which has the same Individual cross sectional graph on both periods of time.Vietnam
GRRVT’s is stays the same, whether it observed far from crisis or close to crisis year see Figure 4.19 and 4.20.
Figure 4.17 GRRVT Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010.
Figure 4.18 GRRVT Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010.
-10,000 10,000
20,000 30,000
40,000 50,000
1 - 9
2 1
- 0 2
- 9 3
2 - 0
1 3
- 9 4
3 - 0
2 4
- 9 5
4 - 0
3 5
- 9 6
5 - 0
4 6
- 9 7
6 - 0
5 7
- 9 8
7 - 0
6 8
- 9 9
9 - 9
2 9
- 0 10
- 93 10
- 01
GRRVT1
-10,000 10,000
20,000 30,000
40,000 50,000
1 - 9
5 1
- 0 3
2 - 9
6 2
- 0 4
3 - 9
7 3
- 0 5
4 - 9
8 4
- 0 6
5 - 9
9 5
- 0 7
6 - 0
6 - 0
8 7
- 0 1
7 - 0
9 8
- 0 2
9 - 9
5 9
- 0 3
10 -
96 10
- 04
GRRVT2
Figure 4.19 GRRVT Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
-100 100
200 300
1992 1994 1996 1998 2000 2002 2004 2006
1
-50 -25
25 50
75 100
1992 1994 1996 1998 2000 2002 2004 2006
2
-80 -40
40 80
120
1992 1994 1996 1998 2000 2002 2004 2006
3
-100 -50
50 100
150 200
1992 1994 1996 1998 2000 2002 2004 2006
4
-40 -20
20 40
60 80
100
1992 1994 1996 1998 2000 2002 2004 2006
5
-10,000 10,000
20,000 30,000
40,000 50,000
1992 1994 1996 1998 2000 2002 2004 2006
6
-40 -20
20 40
60
1992 1994 1996 1998 2000 2002 2004 2006
7
-400 400
800 1,200
1,600
1992 1994 1996 1998 2000 2002 2004 2006
8
-200 200
400 600
800 1,000
1992 1994 1996 1998 2000 2002 2004 2006
9
-200 200
400 600
800 1,000
1992 1994 1996 1998 2000 2002 2004 2006
10
GRRVT1
Figure 4.20 GRRVT Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
-100 100
200 300
1996 1998 2000 2002 2004 2006 2008
1
-50 -25
25 50
75 100
1996 1998 2000 2002 2004 2006 2008
2
-120 -80
-40 40
80
1996 1998 2000 2002 2004 2006 2008
3
-100 -50
50 100
150 200
1996 1998 2000 2002 2004 2006 2008
4
-100 -50
50 100
1996 1998 2000 2002 2004 2006 2008
5
-10,000 10,000
20,000 30,000
40,000 50,000
1996 1998 2000 2002 2004 2006 2008
6
-120 -80
-40 40
80
1996 1998 2000 2002 2004 2006 2008
7
-400 400
800 1,200
1,600
1996 1998 2000 2002 2004 2006 2008
8
-200 200
400 600
800 1,000
1996 1998 2000 2002 2004 2006 2008
9
-200 200
400 600
800 1,000
1996 1998 2000 2002 2004 2006 2008
10
GRRVT2
12 Growth rate of real per capita GDP at factor cost GRYPC of
ASEAN-10 Analysis 1992-2009
Growth rate of real per capita GDP at factor cost in this research means as the amount of increase an approximation of the value of goods
produced per person in the country’s GDP divided by the total number of people in the country at the total money, time and resources of a firm engaged
in the business of financing accounts receivable which is the activity known as factoring with a purchase or activity that adjusted for inflation. In this
research GRYPC of ASEAN-10 that consist: Indonesia, Malaysia, Singapore, Thailand, Philippines, Vietnam, Laos, Cambodia, Myanmar, Brunei
Darussalam are selected as raw data. For this panel data regression purpose to sigma convergence, the period of time is divided into 1992-2007 GRYPC 1
and 1994-2009 as GRYPC 2. Eviews-6 provides tools for displaying time series graphs with panel
data. Figure 4.21 and 4.22 is a combined cross sectional graph which displays separate lines for each cross-section in a single graph. Figure 4.23 and 4.24 is
individual cross sections displays separate time series graphs for each cross- section. Combined cross section graph and individual cross sections graph are
a single graph containing the summary of statistics for each period. Figure 4.21 and 4.22 show that in generally the summary of statistics
of both period of observation are similar. It means that the selection period is good for regression.
Vietnam GRYPC is described as the only countries which has the same individual cross sectional graph on both periods of time, Vietnam
GRYPC is stays the same, whether it observed far from crisis or close to crisis year see Figure 4.23 and 4.24.
Figure 4.21 GRYPC Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010.
Figure 4.22 GRYPC Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010.
-1,000 1,000
2,000 3,000
4,000 5,000
6,000 7,000
8,000
1 - 9
2 1
- 0 2
- 9 2
2 - 0
3 - 9
2 3
- 0 4
- 9 2
4 - 0
5 - 9
2 5
- 0 6
- 9 2
6 - 0
7 - 9
2 7
- 0 8
- 9 2
8 - 0
9 - 9
2 9
- 0 10
- 92 10
- 00
GRYPC1
-1,000 1,000
2,000 3,000
4,000 5,000
6,000 7,000
8,000
1 - 9
4 1
- 0 2
2 - 9
4 2
- 0 2
3 - 9
4 3
- 0 2
4 - 9
4 4
- 0 2
5 - 9
4 5
- 0 2
6 - 9
4 6
- 0 2
7 - 9
4 7
- 0 2
8 - 9
4 8
- 0 2
9 - 9
4 9
- 0 2
10 -
94 10
- 02
GRYPC2
Figure 4.23 GRYPC Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
-60 -40
-20 20
40 60
92 94 96 98 00 02 04 06
1
-40 -30
-20 -10
10 20
92 94 96 98 00 02 04 06
2
-20 -10
10 20
92 94 96 98 00 02 04 06
3
-30 -20
-10 10
20
92 94 96 98 00 02 04 06
4
-30 -20
-10 10
20
92 94 96 98 00 02 04 06
5
-2,000 2,000
4,000 6,000
8,000
92 94 96 98 00 02 04 06
6
-100 -75
-50 -25
25 50
92 94 96 98 00 02 04 06
7
-20 -10
10 20
30
92 94 96 98 00 02 04 06
8
-10 10
20 30
40 50
92 94 96 98 00 02 04 06
9
-100 100
200 300
400 500
92 94 96 98 00 02 04 06
10
GRYPC1
Figure 4.24 GRYPC Combined Cross Section Graph 1992-2006
Source: Eviews-6, 2010. Note:
1. Indonesia
2. Malaysia
3. Singapore
4. Thailand
5. Philippines
6. Laos
7. Brunei Darussalam
8. Cambodia
9. Myanmar
10. Vietnam
-80 -40
40 80
94 96 98 00 02 04 06 08
1
-40 -20
20 40
60
94 96 98 00 02 04 06 08
2
-20 -10
10 20
94 96 98 00 02 04 06 08
3
-30 -20
-10 10
20 30
94 96 98 00 02 04 06 08
4
-30 -20
-10 10
20
94 96 98 00 02 04 06 08
5
-2,000 2,000
4,000 6,000
8,000
94 96 98 00 02 04 06 08
6
-200 200
400 600
800 1,000
94 96 98 00 02 04 06 08
7
-20 20
40 60
80
94 96 98 00 02 04 06 08
8
-60 -40
-20 20
40 60
94 96 98 00 02 04 06 08
9
-100 100
200 300
400 500
94 96 98 00 02 04 06 08
10
GRYPC2
4.2.2 Panel Data Analysis
