Economic Analysis on VECM Estimation Results Capital Market

ϳϯ CointEq2 -0.082468 -0.777978 0.839380 -0.000223 -0.002508 -0.000134 0.000890 0.09369 0.31383 1.63969 0.00013 0.00224 4.2E-05 0.00040 [-0.88021] [-2.47894] [ 0.51191] [-1.67720] [-1.11790] [-3.19713] [ 2.22854] CointEq3 0.049090 0.194928 -0.822120 -5.98E-05 0.001793 1.86E-05 -0.000153 0.02846 0.09532 0.49801 4.0E-05 0.00068 1.3E-05 0.00012 [ 1.72513] [ 2.04502] [-1.65081] [-1.48157] [ 2.63219] [ 1.46243] [-1.26044] CointEq4 -183.6478 -338.1076 7272.966 -0.169685 -7.936923 -0.253692 2.319631 225.302 754.691 3943.03 0.31943 5.39438 0.10078 0.95991 [-0.81512] [-0.44801] [ 1.84451] [-0.53122] [-1.47133] [-2.51729] [ 2.41652] CointEq5 3.351629 -12.68080 -56.26350 0.016720 -0.084817 0.003662 -0.059898 4.07884 13.6629 71.3842 0.00578 0.09766 0.00182 0.01738 [ 0.82171] [-0.92812] [-0.78818] [ 2.89135] [-0.86850] [ 2.00732] [-3.44677] DJII-1 0.113048 -0.056224 -9.427329 -0.001103 -0.001689 -9.87E-05 -0.002396 0.27739 0.92919 4.85472 0.00039 0.00664 0.00012 0.00118 [ 0.40753] [-0.06051] [-1.94189] [-2.80523] [-0.25435] [-0.79527] [-2.02736] DJII-2 0.507798 -1.632214 -7.433803 -0.000484 -0.000393 -0.000142 -0.001183 0.34360 1.15095 6.01336 0.00049 0.00823 0.00015 0.00146 [ 1.47788] [-1.41814] [-1.23621] [-0.99359] [-0.04780] [-0.92552] [-0.80795] DJII-3 0.409688 -1.755734 0.501920 -0.000190 -0.008055 -4.68E-05 -0.001711 0.25869 0.86653 4.52734 0.00037 0.00619 0.00012 0.00110 [ 1.58371] [-2.02617] [ 0.11086] [-0.51904] [-1.30049] [-0.40445] [-1.55239] DJII-4 -0.163479 -2.092590 -4.420700 0.000429 -0.013352 -0.000203 -0.000432 0.25000 0.83742 4.37525 0.00035 0.00599 0.00011 0.00107 [-0.65392] [-2.49886] [-1.01039] [ 1.21081] [-2.23061] [-1.81949] [-0.40541] DDJIM-1 0.073831 0.248856 -1.088002 4.82E-05 0.002027 0.000106 -0.000618 0.07715 0.25841 1.35013 0.00011 0.00185 3.5E-05 0.00033 [ 0.95704] [ 0.96301] [-0.80585] [ 0.44027] [ 1.09740] [ 3.07844] [-1.88104] DDJIM-2 0.162504 0.405537 -0.934890 -0.000113 0.000339 9.63E-05 -0.000612 0.08416 0.28193 1.47298 0.00012 0.00202 3.8E-05 0.00036 [ 1.93078] [ 1.43845] [-0.63469] [-0.94354] [ 0.16815] [ 2.55748] [-1.70708] ϳϰ DDJIM-3 0.032301 0.172053 -0.194947 -9.97E-05 0.000423 0.000106 -0.000122 0.07983 0.26741 1.39714 0.00011 0.00191 3.6E-05 0.00034 [ 0.40462] [ 0.64340] [-0.13953] [-0.88127] [ 0.22110] [ 2.97259] [-0.35800] DDJIM-4 -0.035275 0.212739 -0.997467 7.45E-05 0.000896 5.16E-05 7.65E-05 0.04987 0.16706 0.87283 7.1E-05 0.00119 2.2E-05 0.00021 [-0.70729] [ 1.27343] [-1.14279] [ 1.05389] [ 0.75022] [ 2.31204] [ 0.36002] DFHSI-1 -0.011890 -0.065729 0.558024 1.47E-05 -0.000993 -2.33E-05 0.000217 0.02542 0.08513 0.44480 3.6E-05 0.00061 1.1E-05 0.00011 [-0.46783] [-0.77207] [ 1.25455] [ 0.40839] [-1.63151] [-2.04749] [ 2.00463] DFHSI-2 -0.053509 -0.037149 0.466716 3.75E-05 -0.001273 3.67E-06 0.000291 0.02586 0.08663 0.45263 3.7E-05 0.00062 1.2E-05 0.00011 [-2.06895] [-0.42881] [ 1.03113] [ 1.02231] [-2.05648] [ 0.31725] [ 2.64309] DFHSI-3 -0.089071 -0.092617 0.191641 6.92E-05 -0.000732 -4.95E-06 0.000399 0.02637 0.08834 0.46156 3.7E-05 0.00063 1.2E-05 0.00011 [-3.37730] [-1.04839] [ 0.41520] [ 1.85040] [-1.15865] [-0.42000] [ 3.55356] DFHSI-4 -0.061952 0.046994 0.262148 5.94E-05 0.000245 -8.62E-06 3.45E-05 0.03168 0.10612 0.55445 4.5E-05 0.00076 1.4E-05 0.00013 [-1.95550] [ 0.44283] [ 0.47281] [ 1.32288] [ 0.32357] [-0.60819] [ 0.25561] DLNEXRATE-1 221.6999 -68.60623 -9400.717 -0.789790 5.537843 0.179974 -1.034318 253.841 850.290 4442.50 0.35989 6.07770 0.11355 1.08150 [ 0.87338] [-0.08069] [-2.11609] [-2.19454] [ 0.91117] [ 1.58504] [-0.95637] DLNEXRATE-2 137.8482 -292.3077 -4308.820 -0.834309 5.777045 0.184374 -0.842407 194.268 650.738 3399.91 0.27543 4.65135 0.08690 0.82769 [ 0.70958] [-0.44919] [-1.26733] [-3.02913] [ 1.24202] [ 2.12173] [-1.01778] DLNEXRATE-3 -142.9646 86.67749 -4434.121 -0.799776 -4.261392 0.097041 0.383279 161.351 540.477 2823.82 0.22876 3.86322 0.07217 0.68744 [-0.88605] [ 0.16037] [-1.57025] [-3.49614] [-1.10307] [ 1.34454] [ 0.55754] DLNEXRATE-4 -176.9115 -168.2552 -2856.069 -0.403287 -3.300021 0.080708 0.187551 118.153 395.778 2067.82 0.16751 2.82894 0.05285 0.50340 [-1.49730] [-0.42513] [-1.38120] [-2.40747] [-1.16652] [ 1.52707] [ 0.37257]