SBI () SBIS () PUAB () PUAS () LOAN (Miliar) FINC (Miliar) SBMK () IHMK()

Lampiran 1. Data Mentah

  Tahun

  

SBI (%) SBIS (%) PUAB (%) PUAS (%) LOAN (Miliar) FINC (Miliar) SBMK (%) IHMK(%)

  IHK (%)

Januari 2009 9.50% 9.50% 17.67% 9.29% 25403567426 38201 14.74% 16.59% 113.78%

Februari 2009 8.74% 8.74% 17.05% 8.69% 25887537910 38843 14.57% 16.43% 114.02%

Maret 2009 8.21% 8.21% 16.47% 7.47% 25336066167 39308 14.50% 16.54% 114.27%

April 2009 7.59% 7.59% 15.40% 7.75% 25570691988 39726 14.34% 16.86% 113.92%

Mei 2009 7.25% 7.25% 14.79% 7.66% 25915643467 40715 14.27% 16.62% 113.97%

Juni 2009 6.95% 6.95% 13.69% 7.44% 26387536985 42195 14.04% 16.53% 114.10%

Juli 2009 6.71% 6.71% 13.17% 6.95% 26769911166 42.828 13.99% 16.59% 114.61%

Agustus 2009 6.58% 6.58% 12.49% 6.90% 27289410316 43890 13.80% 16.67% 115.25%

September 2009 6.48% 6.48% 12.78% 6.30% 27435532010 44523 13.68% 16.71% 116.46%

Oktober 2009 6.49% 6.49% 12.67% 4.96% 27637581974 45246 13.61% 16.54% 116.68%

November 2009 6.47% 6.47% 12.82% 6.71% 27983293771 45726 13.54% 16.95% 116.65%

Desember 2009 6.46% 6.46% 12.97% 6.15% 28000669851 46886 13.27% 17.15% 117.03%

Januari 2010 6.45% 6.45% 12.59% 6.11% 28332224504 47140 12.66% 16.44% 118.01%

Februari 2010 6.41% 6.41% 12.50% 5.42% 28894420106 48479 12.68% 16.80% 118.36%

Maret 2010 6.27% 6.27% 12.36% 5.55% 29482244783 50206 12.95% 16.91% 118.19%

April 2010 6.20% 6.20% 12.33% 5.81% 30195321450 51651 12.89% 16.58% 118.37%

Mei 2010 6.30% 6.30% 12.63% 6.65% 30858269419 53223 12.75% 16.43% 118.71%

Juni 2010 6.26% 6.26% 12.59% 6.02% 31494545507 55801 12.63% 16.47% 119.86%

Juli 2010 6.63% 6.63% 12.52% 5.75% 32065978428 57633 12.68% 16.40% 121.74%

Agustus 2010 6.63% 6.63% 12.93% 5.58% 32835182929 60275 12.65% 16.30% 122.67%

September 2010 6.64% 6.64% 12.57% 5.38% 32834445753 60970 12.58% 16.16% 123.21%

Oktober 2010 6.37% 6.37% 11.37% 6% 33283775197 62995 12.57% 16.28% 123.29%

November 2010 6.42% 6.42% 11.28% 6.09% 33580088590 65942 12.51% 16.24% 124.03%

Desember 2010 6.26% 6.26% 11.60% 5.80% 33844259282 68181 12.39% 16.96% 125.17%

  Universitas Sumatera Utara

  

Februari 2011 6.71% 6.71% 12.34% 6.24% 34860256000 71449 12.44% 16.69% 126.46%

Maret 2011 6.72% 6.72% 12.54% 6.25% 35668973086 74253 11.69% 16.74% 126.05%

April 2011 7.18% 7.18% 12.78% 5.25% 36364506623 75726 11.81% 16.51% 125.66%

Mei 2011 7.36% 7.36% 12.71% 6.24% 37204473852 78619 11.79% 16.63% 125.81%

Juni 2011 7.36% 7.36% 12.65% 6.05% 38088598094 82616 11.77% 16.59% 126.50%

Juli 2011 7.28% 7.28% 11.95% 5.62% 38909511305 84556 12.29% 16.37% 127.35%

Agustus 2011 6.78% 6.78% 11.83% 6.16% 39731622184 90540 12.22% 16.25% 128.54%

September 2011 6.28% 6.28% 10.69% 5.75% 39665049245 92839 12.11% 16.16% 128.89%

Oktober 2011 5.77% 5.77% 10.12% 5.25% 40258511620 96805 12.09% 15.92% 128.74%

November 2011 5.22% 5.22% 9.23% 5.10% 40680858773 99427 12.00% 15.73% 129.18%

Desember 2011 5.04% 5.04% 9.13% 5.08% 41099515666 102655 11.98% 15.65% 129.91%

Januari 2012 4.90% 4.90% 8.09% 4.25% 41424051429 101689 11.89% 15.66% 130.90%

Februari 2012 3.82% 3.82% 7.56% 3.96% 42484760843 103713 11.83% 15.48% 130.96%

Maret 2012 3.83% 3.83% 7.56% 4.13% 43557423190 109116 12.02% 15.56% 131.05%

April 2012 3.93% 3.93% 7.53% 4.09% 44472354714 108767 11.87% 15.43% 131.32%

Mei 2012 4.24% 4.24% 7.41% 4.09% 45448157755 112844 11.79% 15.35% 131.41%

Juni 2012 4.32% 4.32% 8.22% 4.74% 46636689904 117592 11.80% 15.23% 132.23%

Juli 2012 4.46% 4.46% 8.30% 4.17% 47604957691 120910 11.79% 15.11% 133.16%

Agustus 2012 4.54% 4.54% 8.54% 4.30% 47947334076 124946 11.74% 15.29% 134.43%

September 2012 4.67% 4.67% 8.38% 4.43% 48500241867 130357 11.71% 15.12% 134.45%

Oktober 2012 4.75% 4.75% 8.50% 4.70% 48895079766 135581 11.69% 15.03% 134.67%

November 2012 4.77% 4.77% 8.47% 4.33% 49425194760 140318 11.62% 15.05% 134.76%

Desember 2012 4.80% 4.80% 9.01% 4.42% 49818402968 147505 11.50% 14.63% 135.49%

Januari 2013 4.84% 4.84% 8.55% 4.51% 50396474245 149672 11.50% 14.86% 136.88%

Februari 2013 4.86% 4.86% 8.82% 4.23% 51708825522 154072 11.46% 14.69% 137.91%

Maret 2013 4.87% 4.87% 8.57% 4.28% 52633317310 161081 11.45% 14.38% 138.78%

April 2013 4.89% 4.89% 8.53% 4.29% 53748918398 163407 11.45% 14.20% 138.64%

Mei 2013 5.02% 5.02% 8.53% 4.14% 55023408550 167259 11.47% 14.16% 138.60%

  Universitas Sumatera Utara

  

Juli 2013 5.52% 5.52% 10.35% 5.38% 57461861774 174486 11.68% 15.48% 144.63%

Agustus 2013 5.86% 5.86% 11.28% 5.56% 57634001007 174537 11.65% 15.02% 146.25%

September 2013 6.61% 6.61% 11.67% 6.11% 58218238372 177320 11.81% 14.46% 145.74%

Oktober 2013 6.97% 6.97% 12.11% 6.19% 58677255213 179284 11.95% 14.04% 145.87%

November 2013 7.22% 7.22% 12.79% 6.54% 58720269558 180833 12.08% 14.04% 146.04%

Desember 2013 7.22% 7.22% 13.53% 6.25% 59197166316 180833 12.14% 14.04% 146.84%

  Universitas Sumatera Utara

Lampiran 2. Uji Stasoineritas Pada Tingkat Level

  Null Hypothesis: SBI has a unit root Exogenous: Constant Lag Length: 2 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -2.176874 0.2168 Test critical values: 1% level -3.550396

  5% level -2.913549 10% level -2.594521 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: SBIS has a unit root Exogenous: Constant Lag Length: 2 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -2.176874 0.2168 Test critical values: 1% level -3.550396

  5% level -2.913549 10% level -2.594521 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: PUAB has a unit root Exogenous: Constant Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -7.660208 0.0000 Test critical values: 1% level -3.546099

  5% level -2.911730 10% level -2.593551 *MacKinnon (1996) one-sided p-values. Null Hypothesis: PUAS has a unit root Exogenous: Constant Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -4.037658 0.0024 Test critical values: 1% level -3.546099

  5% level -2.911730 10% level -2.593551 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: LOAN has a unit root Exogenous: Constant Lag Length: 9 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic 2.999468 1.0000 Test critical values: 1% level -3.568308

  5% level -2.921175 10% level -2.598551 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: FINC has a unit root Exogenous: Constant Lag Length: 3 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic 1.554484 0.9993 Test critical values: 1% level -3.552666

  5% level -2.914517 10% level -2.595033 *MacKinnon (1996) one-sided p-values. Null Hypothesis: SBMK has a unit root Exogenous: Constant Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -3.088587 0.0329 Test critical values: 1% level -3.546099

  5% level -2.911730 10% level -2.593551 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: IHMK has a unit root Exogenous: Constant Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -0.686102 0.8419 Test critical values: 1% level -3.546099

  5% level -2.911730 10% level -2.593551 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: IHK has a unit root Exogenous: Constant Lag Length: 2 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic 1.560654 0.9993 Test critical values: 1% level -3.550396

  5% level -2.913549 10% level -2.594521 *MacKinnon (1996) one-sided p-values.

Lampiran 3. Uji Stasoineritas Pada First Difference

  Null Hypothesis: D(SBI) has a unit root Exogenous: Constant Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -4.473905 0.0006 Test critical values: 1% level -3.548208

  5% level -2.912631 10% level -2.594027 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: D(SBIS) has a unit root Exogenous: Constant Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -4.473905 0.0006 Test critical values: 1% level -3.548208

  5% level -2.912631 10% level -2.594027 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: D(PUAB) has a unit root Exogenous: Constant Lag Length: 1 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -8.998014 0.0000 Test critical values: 1% level -3.550396

  5% level -2.913549 10% level -2.594521 *MacKinnon (1996) one-sided p-values. Null Hypothesis: D(PUAS) has a unit root Exogenous: Constant Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -10.77363 0.0000 Test critical values: 1% level -3.548208

  5% level -2.912631 10% level -2.594027 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: D(LOAN) has a unit root Exogenous: Constant, Linear Trend Lag Length: 6 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -6.176926 0.0000 Test critical values: 1% level -4.144584

  5% level -3.498692 10% level -3.178578 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: D(FINC) has a unit root Exogenous: Constant Lag Length: 2 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -5.936150 0.0000 Test critical values: 1% level -3.552666

  5% level -2.914517 10% level -2.595033 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: D(SBMK) has a unit root Exogenous: Constant Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -7.191111 0.0000 Test critical values: 1% level -3.548208

  5% level -2.912631 10% level -2.594027 *MacKinnon (1996) one-sided p-values. Null Hypothesis: D(IHMK) has a unit root Exogenous: Constant Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -9.298551 0.0000 Test critical values: 1% level -3.548208

  5% level -2.912631 10% level -2.594027 *MacKinnon (1996) one-sided p-values.

  Null Hypothesis: D(IHK) has a unit root Exogenous: Constant Lag Length: 1 (Automatic based on SIC, MAXLAG=10) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -6.874237 0.0000 Test critical values: 1% level -3.550396

  5% level -2.913549 10% level -2.594521 *MacKinnon (1996) one-sided p-values.

Lampiran 4. Penentuan Panjang Lag Transmisi Moneter Konvensional

  VAR Lag Order Selection Criteria Endogenous variables: IHK SBI PUAB LOAN SBMK Exogenous variables: C Date: 07/05/14 Time: 14:54 Sample: 2009M01 2013M12 Included observations: 55

  Lag LogL LR FPE AIC SC HQ

• 879.3497 NA 63643387 32.15817 32.34066 32.22874 1 -524.9513 631.4736 401.4247 20.18005 21.27496* 20.60346 2 -489.8894 56.09895* 284.8896* 19.81416* 21.82149 20.59041* 3 -470.0788 28.09505 365.0306 20.00287 22.92262 21.13196 4 -457.7413 15.25368 650.4188 20.46332 24.29550 21.94526 5 -441.6725 16.94522 1104.559 20.78809 25.53270 22.62287
• indicates lag order selected by the criterion LR: sequential modified LR test statistic (each test at 5% level) FPE: Final prediction error AIC: Akaike information criterion SC: Schwarz information criterion HQ: Hannan-Quinn information criterion

Lampiran 5. Penentuan Panjang Lag Transmisi Moneter Syariah

  VAR Lag Order Selection Criteria Endogenous variables: IHK SBIS PUAS FINC IHMK Exogenous variables: C Date: 07/05/14 Time: 14:56 Sample: 2009M01 2013M12 Included observations: 55

  Lag LogL LR FPE AIC SC HQ 75.35948 NA 5.33e-08 -2.558527 -2.376042 -2.487958 1 318.2144 432.7232* 1.94e-11* -10.48052* -9.385613* -10.05711*

  2 341.0456 36.53000 2.15e-11 -10.40166 -8.394325 -9.625407 3 364.9826 33.94705 2.37e-11 -10.36300 -7.443247 -9.233911 4 384.2283 23.79469 3.28e-11 -10.15376 -6.321576 -8.671822 5 406.2515 23.22443 4.49e-11 -10.04551 -5.300903 -8.210732

• indicates lag order selected by the criterion LR: sequential modified LR test statistic (each test at 5% level) FPE: Final prediction error AIC: Akaike information criterion SC: Schwarz information criterion HQ: Hannan-Quinn information criterion

Lampiran 6. Uji Kointegrasi Transmisi Moneter Konvensional

  Date: 07/05/14 Time: 14:26 Sample (adjusted): 2009M03 2013M12 Included observations: 58 after adjustments Trend assumption: Linear deterministic trend Series: IHK SBI PUAB LOAN SBMK Lags interval (in first differences): 1 to 1 Unrestricted Cointegration Rank Test (Trace)

  Hypothesized Trace

  0.05 No. of CE(s) Eigenvalue Statistic Critical Value Prob.** None * 0.401262 91.09451 69.81889 0.0004

  At most 1 * 0.365898 61.34453 47.85613 0.0017 At most 2 * 0.261525 34.92285 29.79707 0.0118 At most 3 * 0.234996 17.33910 15.49471 0.0261

  At most 4 0.030598 1.802400 3.841466 0.1794 Trace test indicates 4 cointegrating eqn(s) at the 0.05 level

• denotes rejection of the hypothesis at the 0.05 level
• MacKinnon-Haug-Michelis (1999) p-values Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

  Hypothesized Max-Eigen

  0.05 No. of CE(s) Eigenvalue Statistic Critical Value Prob.** None 0.401262 29.74998 33.87687 0.1438

  At most 1 0.365898 26.42168 27.58434 0.0698 At most 2 0.261525 17.58375 21.13162 0.1462

  At most 3 * 0.234996 15.53670 14.26460 0.0313 At most 4 0.030598 1.802400 3.841466 0.1794

  Max-eigenvalue test indicates no cointegration at the 0.05 level

• denotes rejection of the hypothesis at the 0.05 level
• MacKinnon-Haug-Michelis (1999) p-values

  1 Cointegrating Equation(s): Log likelihood -544.9098 Normalized cointegrating coefficients (standard error in parentheses)

  IHK SBI PUAB LOAN SBMK 1.000000 -0.526686 0.039604 -7.90E-12 1.670330

  (0.93504) (0.00701) (1.4E-12) (1.77806) Adjustment coefficients (standard error in parentheses)

  D(IHK) -0.035687 (0.02075)

  D(SBI) -0.002531 (0.00772)

  D(PUAB) -28.50054 (5.04062)

  D(LOAN)

  2.04E+08 (1.0E+09)

  D(SBMK) 0.008112 (0.00527)

Lampiran 7. Uji Kointegrasi Transmisi Moneter Syariah

  Date: 07/05/14 Time: 14:28 Sample (adjusted): 2009M03 2013M12 Included observations: 58 after adjustments Trend assumption: Linear deterministic trend Series: IHK SBIS PUAS FINC IHMK Lags interval (in first differences): 1 to 1 Unrestricted Cointegration Rank Test (Trace)

  Hypothesized Trace

  0.05 No. of CE(s) Eigenvalue Statistic Critical Value Prob.** None * 0.396394 70.69650 69.81889 0.0425

  At most 1 0.326150 41.41617 47.85613 0.1758 At most 2 0.181130 18.52079 29.79707 0.5278 At most 3 0.108654 6.930654 15.49471 0.5857 At most 4 0.004461 0.259311 3.841466 0.6106

  Trace test indicates 1 cointegrating eqn(s) at the 0.05 level

• denotes rejection of the hypothesis at the 0.05 level
• MacKinnon-Haug-Michelis (1999) p-values Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

  Hypothesized Max-Eigen

  0.05 No. of CE(s) Eigenvalue Statistic Critical Value Prob.** None 0.396394 29.28033 33.87687 0.1605

  At most 1 0.326150 22.89539 27.58434 0.1780 At most 2 0.181130 11.59013 21.13162 0.5884 At most 3 0.108654 6.671343 14.26460 0.5287 At most 4 0.004461 0.259311 3.841466 0.6106

  Max-eigenvalue test indicates no cointegration at the 0.05 level

• denotes rejection of the hypothesis at the 0.05 level
• MacKinnon-Haug-Michelis (1999) p-values

  1 Cointegrating Equation(s): Log likelihood 340.4996 Normalized cointegrating coefficients (standard error in parentheses)

  IHK SBIS PUAS FINC

  IHMK 1.000000 -19.77539 27.63011 -7.65E-06 -24.77024

  (5.83853) (5.34689) (2.6E-06) (13.4011) Adjustment coefficients (standard error in parentheses)

  D(IHK) 0.003712 (0.00453)

  D(SBIS)

  5.67E-05 (0.00166)

  D(PUAS) -0.026141 (0.00523)

  D(FINC) -1668.848 (4729.08)

  D(IHMK) 0.002624 (0.00195)

Lampiran 8 . Uji Stabilitas Model VAR

  Roots of Characteristic Polynomial Endogenous variables: IHK SBI PUAB PUAS LOAN FINC SBMK IHMK Exogenous variables: C Lag specification: 1 1 Date: 07/10/14 Time: 01:15 Root Modulus 0.974584 0.974584 0.946455 - 0.049454i 0.947746 0.946455 + 0.049454i 0.947746 0.791578 0.791578 0.408142 0.408142 0.209792 0.209792

• 0.094789 0.094789 0.049306 0.049306 No root lies outside the unit circle.

  VAR satisfies the stability condition.

Lampiran 9 . Uji VECM Variabel-variabel Transmisi Moneter Konvensional

  Vector Error Correction Estimates Date: 07/10/14 Time: 12:39 Sample (adjusted): 2009M03 2013M12 Included observations: 58 after adjustments Standard errors in ( ) & t-statistics in [ ]

  Cointegrating Eq: CointEq1

  IHK(-1) 1.000000 SBI(-1) -0.526686

  (0.93504) [-0.56328]

  PUAB(-1) 0.039604 (0.00701)

  [ 5.65291] LOAN(-1) -7.90E-12

  (1.4E-12) [-5.67019]

  SBMK(-1) 1.670330 (1.77806)

  [ 0.93941] C -1.152313

  Error Correction: D(IHK) D(SBI) D(PUAB) D(LOAN) D(SBMK) CointEq1 -0.035687 -0.002531 -28.50054

  2.04E+08 0.008112 (0.02075) (0.00772) (5.04062) (1.0E+09) (0.00527)

  [-1.71992] [-0.32786] [-5.65417] [ 0.20253] [ 1.54048] D(IHK(-1)) 0.357332 0.030376 17.97450 -7.94E+09 0.017648

  (0.12360) (0.04599) (30.0253) (6.0E+09) (0.03137) [ 2.89110] [ 0.66049] [ 0.59864] [-1.32111] [ 0.56262]

  D(SBI(-1)) 0.135080 0.504470 60.42741

  2.07E+10 -0.047819 (0.29825) (0.11098) (72.4527) (1.4E+10) (0.07569)

  [ 0.45291] [ 4.54578] [ 0.83403] [ 1.42978] [-0.63176] D(PUAB(-1)) 0.000822

  8.74E-06 0.008044 2911547. -0.000253 (0.00055) (0.00021) (0.13450) (2.7E+07) (0.00014)

  [ 1.48493] [ 0.04241] [ 0.05981] [ 0.10820] [-1.80314] D(LOAN(-1))

  5.71E-12

  1.97E-12 -1.31E-09 0.473755

  1.23E-12 (2.6E-12) (9.6E-13) (6.2E-10) (0.12487) (6.5E-13) [ 2.22252] [ 2.05707] [-2.09099] [ 3.79413] [ 1.88421]

  D(SBMK(-1)) -0.216587 -0.343635 -156.8417

  7.49E+09 0.000427 (0.59912) (0.22293) (145.544) (2.9E+10) (0.15205)

  [-0.36151] [-1.54146] [-1.07763] [ 0.25734] [ 0.00281] C 0.000346 -0.001520 0.600890

  3.58E+08 -0.001242 (0.00187) (0.00070) (0.45457) (9.1E+07) (0.00047)

  [ 0.18470] [-2.18294] [ 1.32188] [ 3.93530] [-2.61460] R-squared 0.290332 0.381458 0.547560 0.292101 0.122538 Adj. R-squared 0.206842 0.308688 0.494332 0.208819 0.019307 Sum sq. resids 0.002382 0.000330 140.5445

  5.63E+18 0.000153 S.E. equation 0.006834 0.002543 1.660052

  3.32E+08 0.001734 F-statistic 3.477431 5.241984 10.28703 3.507359 1.187032 Log likelihood 210.6147 267.9542 -107.9658 -1216.587 290.1480 Akaike AIC -7.021198 -8.998422 3.964337 42.19266 -9.763724 Schwarz SC -6.772523 -8.749748 4.213011 42.44133 -9.515050 Mean dependent 0.005659 -0.000262 -0.000607

  5.74E+08 -0.000419 S.D. dependent 0.007673 0.003058 2.334474

  3.73E+08 0.001751 Determinant resid covariance (dof adj.) 189.3687 Determinant resid covariance 99.54495 Log likelihood -544.9098 Akaike information criterion 20.16930 Schwarz criterion 21.59030

Lampiran 10 . Uji VECM Variabel-variabel Transmisi Moneter Syariah

  Vector Error Correction Estimates Date: 07/10/14 Time: 12:36 Sample (adjusted): 2009M03 2013M12 Included observations: 58 after adjustments Standard errors in ( ) & t-statistics in [ ]

  Cointegrating Eq: CointEq1

  IHK(-1) 1.000000 SBIS(-1) -19.77539

  (5.83853) [-3.38705]

  PUAS(-1) 27.63011 (5.34689) [ 5.16751]

  FINC(-1) -7.65E-06 (2.6E-06) [-2.96015]

  IHMK(-1) -24.77024 (13.4011) [-1.84838]

  C 3.034567 Error Correction: D(IHK) D(SBIS) D(PUAS) D(FINC) D(IHMK)

  CointEq1 0.003712

  5.67E-05 -0.026141 -1668.848 0.002624 (0.00453) (0.00166) (0.00523) (4729.08) (0.00195) [ 0.82031] [ 0.03423] [-4.99677] [-0.35289] [ 1.34521]

  D(IHK(-1)) 0.393789 0.040701 -0.363353 45495.48 0.056809 (0.14761) (0.05403) (0.17065) (154260.) (0.06364) [ 2.66778] [ 0.75332] [-2.12922] [ 0.29493] [ 0.89267]

  D(SBIS(-1)) 0.320796 0.503041 -0.421079 95484.88 0.023658 (0.34150) (0.12500) (0.39480) (356884.) (0.14723) [ 0.93938] [ 4.02441] [-1.06655] [ 0.26755] [ 0.16069]

  D(PUAS(-1)) -0.005146 0.009883 -0.038528 29891.40 0.003963 (0.10816) (0.03959) (0.12504) (113034.) (0.04663) [-0.04757] [ 0.24964] [-0.30812] [ 0.26444] [ 0.08498]

  D(FINC(-1))

  1.18E-07

  3.33E-09 -1.74E-07 -0.484202

  6.18E-09 (1.2E-07) (4.4E-08) (1.4E-07) (0.12631) (5.2E-08) [ 0.97705] [ 0.07525] [-1.24453] [-3.83351] [ 0.11855]

  D(IHMK(-1)) -0.047961 -0.059646 0.192646 -65513.51 -0.268313 (0.35271) (0.12910) (0.40777) (368605.) (0.15207) [-0.13598] [-0.46200] [ 0.47244] [-0.17773] [-1.76446]

  C 0.003281 -0.000320 0.001929 3408.694 -0.000850 (0.00137) (0.00050) (0.00159) (1434.03) (0.00059) [ 2.39069] [-0.63797] [ 1.21586] [ 2.37700] [-1.43681]

  R-squared 0.181571 0.309727 0.431024 0.227979 0.100808 Adj. R-squared 0.085286 0.228518 0.364085 0.137153 -0.004979 Sum sq. resids 0.002747 0.000368 0.003671

  3.00E+09 0.000511 S.E. equation 0.007338 0.002686 0.008484 7669.134 0.003164 F-statistic 1.885757 3.813966 6.439107 2.510060 0.952934 Log likelihood 206.4797 264.7723 198.0668 -597.3762 255.2774 Akaike AIC -6.878609 -8.888700 -6.588510 20.84056 -8.561290 Schwarz SC -6.629935 -8.640026 -6.339835 21.08923 -8.312616 Mean dependent 0.005659 -0.000262 -0.000421 2448.103 -0.000412 S.D. dependent 0.007673 0.003058 0.010639 8256.184 0.003156 Determinant resid covariance (dof adj.)

  1.04E-11 Determinant resid covariance

  5.48E-12 Log likelihood 340.4996 Akaike information criterion -10.36205 Schwarz criterion -8.941059

  ^.000

104

^{-.004 .004 .008 .012 1 10 9 8 7 6 5 4 3 2 Response of IHK to IHK -.004 .000 .004 .008 .012 2 4 6 8 10 Response of IHK to SBI -.004 .000 .004 .008 .012 2 4}

⁶

^{8 10 Response of IHK to PUAB -.004 .000 .004 .008 .012 2 4 6 8 10 Response of IHK to LO AN -.004 .000 .004 .008 .012 2 4 6 8}

• ^{-.002 10 Response of IHK to SBMK .000 .002 .004 .006}
^{2 4 6 8 10 Response of SBI to IHK -.002 .000 .002 .004 .006 2 4 6 8 10 Response of SBI to SBI -.002 .000 .002 .004 .006 2 4}

⁶

^{8 10 Response of SBI to PUAB -.002 .000 .002 .004 .006 2 4 6 8 10 Response of SBI to LO AN -.002 .000 .002 .004 .006 2 4 6 8}
• ^{-0.5 10 Response of SBI to SBMK}
^{0.0 0.5 1.0 1.5 2.0 2 4 6 8 10 Response of PUAB to IHK -0.5 0.0 0.5 1.0 1.5 2.0 2 4 6 8 10 Response of PUAB to SBI -0.5 0.0 0.5 1.0 1.5 2.0 2 4}

⁶

^{8 10 Response of PUAB to PUAB -0.5 0.0 0.5 1.0 1.5 2.0 2 4 6 8 10 Response of PUAB to LO AN -0.5 0.0 0.5 1.0 1.5 2.0 2 4 6 8}
• ^{-200,000,000 10 Response of PUAB to SBMK 200,000,000 400,000,000 600,000,000 800,000,000}
^{2 4 6 8 10 Response of LO AN to IHK -200,000,000 200,000,000 400,000,000 600,000,000 800,000,000 2 4 6 8 10 Response of LO AN to SBI -200,000,000 200,000,000 400,000,000 600,000,000 800,000,000 2 4}

⁶

^{8 10 Response of LO AN to PUAB -200,000,000 200,000,000 400,000,000 600,000,000 800,000,000 2 4 6 8 10 Response of LO AN to LO AN -200,000,000 200,000,000 400,000,000 600,000,000 800,000,000 2 4 6 8}
• ^{-.001 10 Response of LO AN to SBMK .000 .001 .002}
^{2 4 6 8 10 Response of SBMK to IHK -.001 .000 .001 .002 2 4 6 8 10 Response of SBMK to SBI -.001 .000 .001 .002 2 4}

⁶

^{8 10 Response of SBMK to PUAB -.001 .000 .001 .002 2 4 6 8 10 Response of SBMK to LO AN -.001 .000 .001 .002 2 4 6 8}

^{Response to Cholesky One S.D. Innovations}

^{10 Response of SBMK to SBMK} Lampiran 11. Grafik Impulse Response Variabel-variabel Transmisi Moneter Konvensional Tiap Tahun Selama 10 Tahun

  Universitas Sumatera Utara

  ^{. 000} 105 ^{-. 004 . 004 . 008 . 012 2 4 6 8 10 Res pons e of IHK to IHK -. 004 . 000 . 004 . 008 . 012 2 4 6 8 10 Res pons e of IHK to SBIS -. 004 . 000 . 004 . 008 . 012 2 4 6 8 10 Res pons e of IHK to PUAS -. 004 . 000 . 004 . 008 . 012 2 4 6 8 10 Res pons e of IHK to FINC -. 004 . 000 . 004 . 008 . 012 2 4 6 8}

• ^{-. 002 10 Res pons e of IHK to IHMK . 000 . 002 . 004 . 006}
^{2 4 6 8 10 Res pons e of SBIS to IHK -. 002 . 000 . 002 . 004 . 006 2 4 6 8 10 Res pons e of SBIS to SBIS -. 002 . 000 . 002 . 004 . 006 2 4 6 8 10 Res pons e of SBIS to PUAS -. 002 . 000 . 002 . 004 . 006 2 4 6 8 10 Res pons e of S B IS to FINC -. 002 . 000 . 002 . 004 . 006 2 4 6 8}
• ^{-. 004 10 Res pons e of S B IS to IHMK . 000 . 004 . 008 . 012}
^{2 4 6 8 10 Res pons e of PUAS to IHK -. 004 . 000 . 004 . 008 . 012 2 4 6 8 10 Res pons e of PUAS to SBIS -. 004 . 000 . 004 . 008 . 012 2 4 6 8 10 Res pons e of PUAS to PUAS -. 004 . 000 . 004 . 008 . 012 2 4 6 8 10 Res pons e of PUAS to FINC -. 004 . 000 . 004 . 008 . 012 2 4 6 8}
• ^{-2, 000 10 Res pons e of PUAS to IHMK 2, 000 4, 000 6, 000 8, 000}
^{2 4 6 8 10 Res pons e of FINC to IHK -2, 000 2, 000 4, 000 6, 000 8, 000 2 4 6 8 10 Res pons e of FINC to S B IS -2, 000 2, 000 4, 000 6, 000 8, 000 2 4 6 8 10 Res pons e of FINC to PUAS -2, 000 2, 000 4, 000 6, 000 8, 000 2 4 6 8 10 Res pons e of FINC to FINC -2, 000 2, 000 4, 000 6, 000 8, 000 2 4 6 8}
• ^{-. 001 10 Res pons e of FINC to IHMK . 000 . 001 . 002 . 003}
^{2 4 6 8 10 Res pons e of IHMK to IHK -. 001 . 000 . 001 . 002 . 003 2 4 6 8 10 Res pons e of IHMK to S B IS -. 001 . 000 . 001 . 002 . 003 2 4 6 8 10 Res pons e of IHMK to PUAS -. 001 . 000 . 001 . 002 . 003 2 4 6 8 10 Res pons e of IHMK to FINC -. 001 . 000 . 001 . 002 . 003 2 4 6 8 10 Res pons e of IHMK to IHMK}

Response to Cholesky One S.D. Innov ations

  Lampiran 12. Grafik Impulse Response Variabel-variabel Transmisi Moneter Syariah Tiap Tahun Selama 10 Tahun Universitas Sumatera Utara

  Lampiran 13. Tabel Nilai Impulse Response Variabel-variabel Transmisi

Moneter Konvensional Tiap Tahun Selama 10 Tahun

  IHK: Period

  IHK SBI PUAB LOAN SBMK 1 0.133875 0.122370 1.650114 0.000000 0.000000 2 -0.156343 0.100132 -0.035466 -0.409709 -0.296517 3 -0.197698 0.054204 0.013235 -0.115940 -0.083515 4 -0.246063 0.030528 -0.015772 -0.035058 -0.068915 5 -0.257169 0.033642 0.068966 -0.010650 -0.052241 6 -0.260587 0.037246 0.082422 -0.030945 -0.061239 7 -0.257731 0.038145 0.089387 -0.044388 -0.063814 8 -0.255420 0.036910 0.086298 -0.051701 -0.065525 9 -0.253972 0.035447 0.084591 -0.053636 -0.065311

  5.61E+08 6814115.

  4.91E+08 11362412 3 -91646067 96418628 17199654

  3.32E+08 0.000000 2 -51635716 49354096 8369857.

  IHK SBI PUAB LOAN SBMK 1 1442824. -5003081. -2452707.

  LOAN: Period

  10 -0.253405 0.034366 0.083462 -0.053959 -0.064980 Response of

  PUAB: Period

  IHK SBI PUAB LOAN SBMK 1 0.006834 0.000000 0.000000 0.000000 0.000000 2 0.008860 0.000177 -0.000773 0.001921 -0.000401 3 0.008856 0.000629 -0.002255 0.003791 -0.000456 4 0.008458 0.001101 -0.002690 0.005301 -0.000331 5 0.008110 0.001517 -0.002622 0.006159 -0.000305 6 0.007895 0.001841 -0.002456 0.006548 -0.000349 7 0.007781 0.002061 -0.002358 0.006703 -0.000409 8 0.007722 0.002200 -0.002322 0.006774 -0.000454 9 0.007691 0.002283 -0.002315 0.006819 -0.000482

  Response of

  1.71E-05 0.002350 -0.001026 10 -0.000916 0.005610

  1.03E-05 0.002309 -0.001012 9 -0.000902 0.005577

  IHK SBI PUAB LOAN SBMK 1 -0.000211 0.002534 0.000000 0.000000 0.000000 2 -0.000223 0.003656 0.000118 0.000573 -0.000505 3 -0.000353 0.004370 0.000136 0.001139 -0.000734 4 -0.000532 0.004822 -1.14E-05 0.001576 -0.000867 5 -0.000674 0.005117 -3.49E-05 0.001912 -0.000921 6 -0.000775 0.005312 -2.47E-05 0.002120 -0.000961 7 -0.000839 0.005441 -3.01E-06 0.002241 -0.000990 8 -0.000878 0.005524

  SBI: Period

  10 0.007671 0.002333 -0.002316 0.006854 -0.000497 Response of

  2.00E-05 0.002375 -0.001036 Response of

  4 -1.12E+08

  1.81E+08 46861994

  10 0.000489 0.000433 -0.000360 0.000856 0.001429 Cholesky

  IHK SBI PUAB LOAN SBMK 1 0.000248 0.000399 -0.000788 0.000250 0.001450 2 0.000450 0.000275 -0.000690 0.000640 0.001471 3 0.000526 0.000316 -0.000296 0.000804 0.001500 4 0.000517 0.000361 -0.000344 0.000785 0.001443 5 0.000511 0.000390 -0.000348 0.000807 0.001439 6 0.000503 0.000406 -0.000364 0.000825 0.001433 7 0.000497 0.000417 -0.000363 0.000841 0.001433 8 0.000493 0.000424 -0.000362 0.000849 0.001431 9 0.000490 0.000429 -0.000361 0.000854 0.001430

  SBMK: Period

  6.23E+08 -15612973 Response of

  1.83E+08 46926167

  6.21E+08 -15160947 10 -1.35E+08

  6.18E+08 -14403236 9 -1.34E+08

  1.30E+08 36100954

  1.78E+08 46946281

  6.15E+08 -13038083 8 -1.33E+08

  1.73E+08 47134970

  6.10E+08 -10411368 7 -1.31E+08

  1.65E+08 47006619

  1.52E+08 44160801 6.04E+08 -5942002. 6 -1.28E+08

  5.92E+08 982297.2 5 -1.23E+08

  Ordering: IHK SBI PUAB LOAN SBMK

Lampiran 14. Tabel Nilai Impulse Response Variabel-variabel Transmisi Moneter Syariah Tiap Tahun Selama 10 Tahun

  3.27E-05 0.000117 -0.000238 7 0.000834 0.005596

  IHMK 1 676.5712 351.8926 -30.14019 7631.064 0.000000 2 626.5261 518.0726 -164.7152 4037.829 -62.59840 3 858.5244 683.0152 -336.4533 5857.566 23.34242

  IHK SBIS PUAS FINC

  Period

  10 0.001772 0.003707 0.000870 0.001284 0.001573 Response of FINC:

  5.16E-05 0.002175 3 -0.000325 0.001237 0.001379 0.001018 0.001596 4 0.000570 0.002065 0.000900 0.001018 0.001762 5 0.001146 0.002755 0.000831 0.001241 0.001642 6 0.001464 0.003182 0.000830 0.001231 0.001624 7 0.001628 0.003440 0.000847 0.001278 0.001595 8 0.001710 0.003584 0.000859 0.001274 0.001584 9 0.001751 0.003664 0.000866 0.001285 0.001577

  IHMK 1 0.001136 0.001416 0.008287 0.000000 0.000000 2 -0.001171 0.000259 0.002481

  IHK SBIS PUAS FINC

  Period

  3.83E-05 0.000126 -0.000249 Response of PUAS:

  3.77E-05 0.000125 -0.000248 10 0.000869 0.005667

  3.66E-05 0.000124 -0.000246 9 0.000863 0.005656

  3.49E-05 0.000121 -0.000243 8 0.000853 0.005634

  Response of IHK: Period

  IHK SBIS PUAS FINC

  9.39E-05 -0.000214 5 0.000741 0.005403

  3.17E-05

  6.83E-05 -0.000178 4 0.000643 0.005183

  3.60E-05

  3.29E-05 -0.000158 3 0.000491 0.004787

  5.85E-05

  4.52E-05 0.002686 0.000000 0.000000 0.000000 2 0.000281 0.004076

  1

  IHMK

  IHK SBIS PUAS FINC

  Period

  10 0.011438 0.001851 0.001524 0.000515 -0.000531 Response of SBIS:

  IHMK 1 0.007338 0.000000 0.000000 0.000000 0.000000 2 0.010206 0.000892 0.000721 0.000709 -0.000362 3 0.011149 0.001445 0.001180 0.000488 -0.000456 4 0.011413 0.001711 0.001395 0.000582 -0.000509 5 0.011459 0.001813 0.001485 0.000511 -0.000526 6 0.011457 0.001845 0.001513 0.000529 -0.000530 7 0.011448 0.001853 0.001523 0.000513 -0.000531 8 0.011442 0.001853 0.001524 0.000518 -0.000531 9 0.011439 0.001852 0.001525 0.000514 -0.000531

  3.04E-05 0.000109 -0.000227 6 0.000800 0.005527

  4 925.4391 826.0878 -293.9908 5019.465 -55.39356 5 1001.752 899.8253 -324.1125 5441.194 -21.69230 6 1022.826 953.1054 -305.8851 5245.745 -48.17018 7 1042.589 977.9386 -311.4440 5343.454 -38.97078 8 1048.132 994.3226 -306.3852 5298.009 -46.11698 9 1053.163 1001.889 -307.5936 5320.733 -43.87992

  10 1054.721 1006.667 -306.3617 5310.211 -45.68349 Response of IHMK:

  Period

  IHK SBIS PUAS FINC

  IHMK 1 0.001659 -0.000412 0.000594 -0.000176 0.002589 2 0.001618 -0.000247 0.001030 -0.000224 0.001726 3 0.001598 -0.000396 0.001047 -0.000255 0.001996 4 0.001525 -0.000446 0.001103 -0.000273 0.001909 5 0.001488 -0.000506 0.001100 -0.000280 0.001943 6 0.001463 -0.000537 0.001103 -0.000283 0.001936 7 0.001452 -0.000558 0.001101 -0.000285 0.001941 8 0.001445 -0.000568 0.001100 -0.000285 0.001941 9 0.001442 -0.000574 0.001099 -0.000286 0.001942

  10 0.001441 -0.000578 0.001099 -0.000286 0.001942 Cholesky Ordering:

  IHK SBIS PUAS FINC

  IHMK

Lampiran 15. Tabel Nilai Variance Decomposition Variabel-variabel Transmisi Moneter Konvensional Tiap Tahun Selama 10 Tahun

  Variance Decomposition of

  IHK: Period S.E.

  IHK SBI PUAB LOAN SBMK 1 0.006834 100.0000 0.000000 0.000000 0.000000 0.000000 2 0.011387 96.54667 0.024235 0.460454 2.844896 0.123744 3 0.015105 89.24619 0.187399 2.489839 7.915225 0.161349 4 0.018340 81.80605 0.487600 3.839875 13.72453 0.141937 5 0.021197 75.87495 0.877502 4.404342 18.71619 0.127020 6 0.023750 71.49121 1.299558 4.577398 22.50908 0.122749 7 0.026067 68.25485 1.704076 4.618303 25.29626 0.126503 8 0.028204 65.80204 2.063903 4.622829 27.37722 0.134009 9 0.030198 63.88505 2.371759 4.620163 28.98066 0.142364

  10 0.032075 62.34769 2.631231 4.616538 30.25435 0.150199 Variance

  Decomposition of SBI: Period S.E.

  IHK SBI PUAB LOAN SBMK 1 0.002543 0.686697 99.31330 0.000000 0.000000 0.000000 2 0.004525 0.459351 96.62712 0.068159 1.602179 1.243193 3 0.006446 0.526981 93.57533 0.077979 3.909396 1.910319 4 0.008266 0.734713 90.94363 0.047614 6.012950 2.261096 5 0.009973 0.960983 88.79408 0.033932 7.805292 2.405716 6 0.011563 1.163640 87.16120 0.025701 9.169124 2.480334 7 0.013039 1.328913 85.95824 0.020217 10.16546 2.527175 8 0.014410 1.459265 85.07131 0.016602 10.89073 2.562094 9 0.015689 1.561359 84.40450 0.014125 11.43061 2.589403

  10 0.016887 1.641991 83.89048 0.012332 11.84411 2.611091 Variance

  Decomposition of PUAB: Period S.E.

  IHK SBI PUAB LOAN SBMK 1 1.660052 0.650359 0.543381 98.80626 0.000000 0.000000 2 1.745647 1.390273 0.820428 89.39548 5.508557 2.885259 3 1.763491 2.619062 0.898386 87.60122 5.829884 3.051445 4 1.782584 4.468686 0.908573 85.74251 5.744343 3.135889 5 1.803461 6.399235 0.922457 83.91509 5.615605 3.147616 6 1.825724 8.281339 0.941717 82.08490 5.508218 3.183829 7 1.848020 10.02771 0.961736 80.35005 5.433797 3.226703 8 1.869812 11.66136 0.978417 78.70115 5.384336 3.274739 9 1.891098 13.20392 0.991649 77.13947 5.344248 3.320706

  10 1.912001 14.67333 1.002392 75.65260 5.307679 3.363997 Variance

  Decomposition of LOAN:

  Period S.E.

  7

  10 0.005723 6.998514 4.604696 6.348596 18.19212 63.85608 Cholesky

  IHK SBI PUAB LOAN SBMK 1 0.001734 2.052960 5.304246 20.62971 2.074926 69.93816 2 0.002517 4.168475 3.717124 17.30296 7.452463 67.35898 3 0.003114 5.582812 3.458002 12.21130 11.54120 67.20669 4 0.003593 6.262292 3.607283 10.09005 13.44675 66.59362 5 0.004020 6.618647 3.821819 8.808886 14.76543 65.98522 6 0.004410 6.800736 4.023793 8.002648 15.76998 65.40284 7 0.004771 6.896376 4.201577 7.416373 16.58095 64.90473 8 0.005108 6.948517 4.356374 6.974066 17.23281 64.48823 9 0.005424 6.979127 4.490016 6.626865 17.76058 64.14341

  Decomposition of SBMK: Period S.E.

  1.91E+09 3.458861 5.683410 0.403334 90.42217 0.032227 Variance

  10

  1.79E+09 3.368985 5.425266 0.390130 90.78657 0.029048

  9

  1.66E+09 3.255031 5.103326 0.372492 91.24382 0.025327

  8

  1.52E+09 3.106450 4.695749 0.347149 91.82953 0.021122

  1.38E+09 2.905590 4.174469 0.308147 92.59488 0.016910

  IHK SBI PUAB LOAN SBMK

  6

  1.21E+09 2.623314 3.509374 0.245743 93.60721 0.014357

  5

  1.03E+09 2.211049 2.681061 0.156498 94.93490 0.016489

  4

  8.30E+08 1.606153 1.706301 0.053972 96.60810 0.025475

  3

  5.97E+08 0.748475 0.690278 0.021338 98.50369 0.036214

  2

  3.32E+08 0.001887 0.022693 0.005454 99.96997 0.000000

  1

  Ordering: IHK SBI PUAB LOAN SBMK

Lampiran 16. Tabel Nilai Variance Decomposition Variabel-variabel Transmisi Moneter Syariah Tiap Tahun Selama 10 Tahun

  Decomposition of PUAS: Period S.E.

  IHMK

  IHK SBIS PUAS FINC

  Decomposition of FINC: Period S.E.

  10 0.014665 8.521963 36.00323 38.07439 5.434843 11.96558 Variance

  IHMK 1 0.008484 1.792353 2.787248 95.42040 0.000000 0.000000 2 0.009182 3.156815 2.459299 88.76729 0.003156 5.613440 3 0.009562 3.026489 3.942299 83.93201 1.136499 7.962698 4 0.010048 3.062453 7.793134 76.80334 2.055865 10.28521 5 0.010714 3.836715 13.46627 68.15177 3.150365 11.39488 6 0.011485 4.964674 19.39666 59.83252 3.891097 11.91505 7 0.012300 6.081200 24.73354 52.64146 4.472591 12.07121 8 0.013112 7.051469 29.23611 46.75116 4.879881 12.08138 9 0.013904 7.857619 32.94719 41.96918 5.194014 12.03199

  IHK SBIS PUAS FINC

  Variance Decomposition of IHK:

  Period S.E.

  IHMK 1 0.002686 0.028340 99.97166 0.000000 0.000000 0.000000 2 0.004893 0.337741 99.53906 0.014303 0.004511 0.104387 3 0.006865 0.683505 99.17377 0.010007 0.012179 0.120542 4 0.008630 0.987525 98.84739 0.007682 0.019547 0.137855 5 0.010212 1.232512 98.58781 0.006372 0.025272 0.148030 6 0.011642 1.420806 98.38834 0.005694 0.029551 0.155608 7 0.012947 1.563805 98.23715 0.005330 0.032694 0.161024 8 0.014148 1.672773 98.12196 0.005133 0.035040 0.165092 9 0.015264 1.756880 98.03309 0.005020 0.036821 0.168190

  IHK SBIS PUAS FINC

  Decomposition of SBIS: Period S.E.

  10 0.035322 96.08626 2.101733 1.414103 0.214869 0.183032 Variance

  IHMK 1 0.007338 100.0000 0.000000 0.000000 0.000000 0.000000 2 0.012648 98.78130 0.496992 0.325412 0.314256 0.082042 3 0.016976 97.96075 1.000512 0.663934 0.256996 0.117813 4 0.020589 97.32359 1.370515 0.910204 0.254526 0.141170 5 0.023691 96.90454 1.620512 1.080205 0.238745 0.155996 6 0.026435 96.61881 1.788652 1.195295 0.231817 0.165424 7 0.028916 96.42111 1.905374 1.276300 0.225183 0.172031 8 0.031199 96.27776 1.989505 1.335062 0.220957 0.176721 9 0.033324 96.17009 2.052673 1.379487 0.217474 0.180278

  IHK SBIS PUAS FINC

  10 0.016307 1.822884 97.96335 0.004950 0.038207 0.170609 Variance