Финансовая интеграция развитых стран
Анализ степени финансовой интеграции и свободы движения капитала в США, Германии, Корее и Китае. Построение глобальной кривой доходности, ее параметры. Анализ спредов–отклонений процентных ставок от предписываемых непокрытым процентным паритетом.
| Рубрика | Экономика и экономическая теория |
| Вид | дипломная работа |
| Язык | русский |
| Дата добавления | 04.11.2015 |
| Размер файла | 3,0 M |
Отправить свою хорошую работу в базу знаний просто. Используйте форму, расположенную ниже
Студенты, аспиранты, молодые ученые, использующие базу знаний в своей учебе и работе, будут вам очень благодарны.
Exogenous: Constant, Linear Trend
Lag Length: 1 (Automatic - based on SIC, maxlag=10)
t-Statistic
Prob.*
Augmented Dickey-Fuller test statistic
-3.128185
0.1107
Test critical values:
1% level
-4.144584
5% level
-3.498692
10% level
-3.178578
*MacKinnon (1996) one-sided p-values.
Augmented Dickey-Fuller Test Equation
Dependent Variable: D(CLI_LEVELS_NOCHINA)
Method: Least Squares
Date: 05/31/15 Time: 19:01
Sample (adjusted): 2004M09 2008M12
Included observations: 52 after adjustments
Variable
Coefficient
Std. Error
t-Statistic
Prob.
CLI_LEVELS_NOCHINA(-1)
-0.034782
0.011119
-3.128185
0.0030
D(CLI_LEVELS_NOCHINA(-1))
1.128441
0.076241
14.80104
0.0000
C
0.035119
0.031106
1.129008
0.2645
@TREND("2004M07")
-0.000701
0.001306
-0.536912
0.5938
R-squared
0.953330
Mean dependent var
-0.185235
Adjusted R-squared
0.950413
S.D. dependent var
0.431569
S.E. of regression
0.096103
Akaike info criterion
-1.772997
Sum squared resid
0.443314
Schwarz criterion
-1.622902
Log likelihood
50.09793
Hannan-Quinn criter.
-1.715454
F-statistic
326.8306
Durbin-Watson stat
2.054905
Prob(F-statistic)
0.000000
|
Null Hypothesis: D(CLI_LEVELS_NOCHINA) has a unit root |
|||||
|
Exogenous: None |
|||||
|
Lag Length: 2 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-2.215175 |
0.0271 |
|||
|
Test critical values: |
1% level |
-2.612033 |
|||
|
5% level |
-1.947520 |
||||
|
10% level |
-1.612650 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(CLI_LEVELS_NOCHINA,2) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 19:02 |
|||||
|
Sample (adjusted): 2004M11 2008M12 |
|||||
|
Included observations: 50 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
D(CLI_LEVELS_NOCHINA(-1)) |
-0.083140 |
0.037532 |
-2.215175 |
0.0316 |
|
|
D(CLI_LEVELS_NOCHINA(-1),2) |
0.314730 |
0.156683 |
2.008703 |
0.0503 |
|
|
D(CLI_LEVELS_NOCHINA(-2),2) |
0.573841 |
0.170947 |
3.356836 |
0.0016 |
|
|
R-squared |
0.216416 |
Mean dependent var |
-0.012525 |
||
|
Adjusted R-squared |
0.183072 |
S.D. dependent var |
0.108288 |
||
|
S.E. of regression |
0.097875 |
Akaike info criterion |
-1.752129 |
||
|
Sum squared resid |
0.450236 |
Schwarz criterion |
-1.637408 |
||
|
Log likelihood |
46.80322 |
Hannan-Quinn criter. |
-1.708442 |
||
|
Durbin-Watson stat |
1.992193 |
||||
|
Null Hypothesis: D(CLI_LEVELS_NOCHINA) 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 |
-5.386541 |
0.0003 |
|||
|
Test critical values: |
1% level |
-4.180911 |
|||
|
5% level |
-3.515523 |
||||
|
10% level |
-3.188259 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(CLI_LEVELS_NOCHINA,2) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 19:05 |
|||||
|
Sample (adjusted): 2005M05 2008M12 |
|||||
|
Included observations: 44 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
D(CLI_LEVELS_NOCHINA (-1)) |
-8.005797 |
1.486259 |
-5.386541 |
0.0000 |
|
|
D(CLI_LEVELS_NOCHINA (-1),2) |
5.852539 |
1.384115 |
4.228363 |
0.0002 |
|
|
D(CLI_LEVELS_NOCHINA (-2),2) |
4.785929 |
1.210727 |
3.952937 |
0.0004 |
|
|
D(CLI_LEVELS_NOCHINA (-3),2) |
3.622325 |
0.979373 |
3.698618 |
0.0007 |
|
|
D(CLI_LEVELS_NOCHINA (-4),2) |
2.546932 |
0.697490 |
3.651566 |
0.0008 |
|
|
D(CLI_LEVELS_NOCHINA (-5),2) |
1.427728 |
0.426145 |
3.350331 |
0.0019 |
|
|
D(CLI_LEVELS_NOCHINA (-6),2) |
0.437411 |
0.181183 |
2.414193 |
0.0211 |
|
|
C |
1.647520 |
2.827333 |
0.582712 |
0.5638 |
|
|
@TREND("2004M07") |
-0.069268 |
0.085551 |
-0.809678 |
0.4236 |
|
|
R-squared |
0.897130 |
Mean dependent var |
0.217045 |
||
|
Adjusted R-squared |
0.873617 |
S.D. dependent var |
19.11123 |
||
|
S.E. of regression |
6.794107 |
Akaike info criterion |
6.850238 |
||
|
Sum squared resid |
1615.596 |
Schwarz criterion |
7.215186 |
||
|
Log likelihood |
-141.7052 |
Hannan-Quinn criter. |
6.985578 |
||
|
F-statistic |
38.15458 |
Durbin-Watson stat |
1.978183 |
||
|
Prob(F-statistic) |
0.000000 |
||||
|
Null Hypothesis: INF_LEVELS_NOCHINA has a unit root |
|||||
|
Exogenous: Constant, Linear Trend |
|||||
|
Lag Length: 1 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-2.968673 |
0.1507 |
|||
|
Test critical values: |
1% level |
-4.144584 |
|||
|
5% level |
-3.498692 |
||||
|
10% level |
-3.178578 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(INF_LEVELS_NOCHINA) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 19:09 |
|||||
|
Sample (adjusted): 2004M09 2008M12 |
|||||
|
Included observations: 52 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
INF_LEVELS_NOCHINA(-1) |
-0.194523 |
0.065525 |
-2.968673 |
0.0047 |
|
|
D(INF_LEVELS_NOCHINA(-1)) |
0.579907 |
0.125867 |
4.607305 |
0.0000 |
|
|
C |
-0.239740 |
0.182826 |
-1.311305 |
0.1960 |
|
|
@TREND("2004M07") |
0.007908 |
0.006090 |
1.298560 |
0.2003 |
|
|
R-squared |
0.341305 |
Mean dependent var |
-0.026598 |
||
|
Adjusted R-squared |
0.300137 |
S.D. dependent var |
0.647183 |
||
|
S.E. of regression |
0.541419 |
Akaike info criterion |
1.684559 |
||
|
Sum squared resid |
14.07048 |
Schwarz criterion |
1.834654 |
||
|
Log likelihood |
-39.79852 |
Hannan-Quinn criter. |
1.742102 |
||
|
F-statistic |
8.290452 |
Durbin-Watson stat |
2.015055 |
||
|
Prob(F-statistic) |
0.000151 |
||||
|
Null Hypothesis: D(INF_LEVELS_NOCHINA) has a unit root |
|||||
|
Exogenous: Constant, Linear Trend |
|||||
|
Lag Length: 0 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-3.932308 |
0.0175 |
|||
|
Test critical values: |
1% level |
-4.144584 |
|||
|
5% level |
-3.498692 |
||||
|
10% level |
-3.178578 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(INF_LEVELS_NOCHINA,2) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 19:09 |
|||||
|
Sample (adjusted): 2004M09 2008M12 |
|||||
|
Included observations: 52 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
D(INF_LEVELS_NOCHINA(-1)) |
-0.515342 |
0.131053 |
-3.932308 |
0.0003 |
|
|
C |
0.039700 |
0.168765 |
0.235239 |
0.8150 |
|
|
@TREND("2004M07") |
-0.002402 |
0.005387 |
-0.445878 |
0.6576 |
|
|
R-squared |
0.242550 |
Mean dependent var |
-0.026091 |
||
|
Adjusted R-squared |
0.211633 |
S.D. dependent var |
0.656592 |
||
|
S.E. of regression |
0.582988 |
Akaike info criterion |
1.814662 |
||
|
Sum squared resid |
16.65389 |
Schwarz criterion |
1.927233 |
||
|
Log likelihood |
-44.18120 |
Hannan-Quinn criter. |
1.857819 |
||
|
F-statistic |
7.845354 |
Durbin-Watson stat |
1.881120 |
||
|
Prob(F-statistic) |
0.001107 |
||||
|
Null Hypothesis: D(INF_LEVELS_NOCHINA) has a unit root |
|||||
|
Exogenous: None |
|||||
|
Lag Length: 0 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-4.002785 |
0.0001 |
|||
|
Test critical values: |
1% level |
-2.610192 |
|||
|
5% level |
-1.947248 |
||||
|
10% level |
-1.612797 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(INF_LEVELS_NOCHINA,2) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 19:09 |
|||||
|
Sample (adjusted): 2004M09 2008M12 |
|||||
|
Included observations: 52 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
D(INF_LEVELS_NOCHINA(-1)) |
-0.515771 |
0.128853 |
-4.002785 |
0.0002 |
|
|
R-squared |
0.237834 |
Mean dependent var |
-0.026091 |
||
|
Adjusted R-squared |
0.237834 |
S.D. dependent var |
0.656592 |
||
|
S.E. of regression |
0.573219 |
Akaike info criterion |
1.743945 |
||
|
Sum squared resid |
16.75757 |
Schwarz criterion |
1.781469 |
||
|
Log likelihood |
-44.34257 |
Hannan-Quinn criter. |
1.758331 |
||
|
Durbin-Watson stat |
1.868499 |
||||
Результаты регрессионного анализа
|
Dependent Variable: D(LEVELS_CURVE) |
||||||
|
Method: ML - ARCH (Marquardt) - Normal distribution |
||||||
|
Date: 05/23/15 Time: 19:38 |
||||||
|
Sample (adjusted): 2004M10 2008M12 |
||||||
|
Included observations: 51 after adjustments |
||||||
|
Convergence achieved after 40 iterations |
||||||
|
MA Backcast: OFF (Roots of MA process too large) |
||||||
|
Presample variance: backcast (parameter = 0.7) |
||||||
|
GARCH = C(5) + C(6)*GARCH(-1) |
||||||
|
Variable |
Coefficient |
Std. Error |
z-Statistic |
Prob. |
||
|
C |
-0.005971 |
0.003546 |
-1.683732 |
0.0922 |
||
|
D(INF_LEVELS_NOCHINA) |
1.099018 |
0.055759 |
19.71012 |
0.0000 |
||
|
AR(2) |
-0.503088 |
0.183260 |
-2.745214 |
0.0060 |
||
|
MA(1) |
-1.149107 |
0.115677 |
-9.933734 |
0.0000 |
||
|
Variance Equation |
||||||
|
C |
-0.009504 |
0.018152 |
-0.523566 |
0.6006 |
||
|
GARCH(-1) |
1.094618 |
0.159258 |
6.873228 |
0.0000 |
||
|
R-squared |
0.698343 |
Mean dependent var |
-0.047222 |
|||
|
Adjusted R-squared |
0.679088 |
S.D. dependent var |
0.737118 |
|||
|
S.E. of regression |
0.417571 |
Akaike info criterion |
1.088419 |
|||
|
Sum squared resid |
8.195173 |
Schwarz criterion |
1.315692 |
|||
|
Log likelihood |
-21.75468 |
Hannan-Quinn criter. |
1.175267 |
|||
|
Durbin-Watson stat |
2.051513 |
|||||
|
Inverted MA Roots |
1.15 |
|||||
|
Estimated MA process is noninvertible |
||||||
|
Dependent Variable: D(SLOPE_CURVE) |
||||||
|
Method: Least Squares |
||||||
|
Date: 05/23/15 Time: 20:32 |
||||||
|
Sample (adjusted): 2004M10 2008M12 |
||||||
|
Included observations: 51 after adjustments |
||||||
|
Convergence achieved after 7 iterations |
||||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
||
|
C |
-0.006967 |
0.096803 |
-0.071966 |
0.9429 |
||
|
D(CLI_LEVELS_NOCHINA) |
0.385252 |
0.178739 |
2.155389 |
0.0362 |
||
|
AR(2) |
0.495405 |
0.159808 |
3.100002 |
0.0032 |
||
|
R-squared |
0.266793 |
Mean dependent var |
-0.074296 |
|||
|
Adjusted R-squared |
0.236242 |
S.D. dependent var |
0.366044 |
|||
|
S.E. of regression |
0.319898 |
Akaike info criterion |
0.615393 |
|||
|
Sum squared resid |
4.912068 |
Schwarz criterion |
0.729030 |
|||
|
Log likelihood |
-12.69253 |
Hannan-Quinn criter. |
0.658817 |
|||
|
F-statistic |
8.732893 |
Durbin-Watson stat |
1.614836 |
|||
|
Prob(F-statistic) |
0.000583 |
|||||
|
Inverted AR Roots |
.70 |
-.70 |
||||
|
Date: 05/23/15 Time: 20:31 |
|||||||
|
Sample: 2004M07 2008M12 |
|||||||
|
Included observations: 51 |
|||||||
|
Q-statistic probabilities adjusted for 1 ARMA term and 1 dynamic regressor |
|||||||
|
Autocorrelation |
Partial Correlation |
AC |
PAC |
Q-Stat |
Prob* |
||
|
. | . | |
. | . | |
1 |
0.060 |
0.060 |
0.1933 |
||
|
. |*. | |
. |*. | |
2 |
0.103 |
0.100 |
0.7805 |
0.377 |
|
|
. |** | |
. |** | |
3 |
0.232 |
0.224 |
3.8211 |
0.148 |
|
|
.*| . | |
.*| . | |
4 |
-0.127 |
-0.168 |
4.7548 |
0.191 |
|
|
.*| . | |
**| . | |
5 |
-0.171 |
-0.219 |
6.4711 |
0.167 |
|
|
. | . | |
. | . | |
6 |
0.002 |
-0.003 |
6.4714 |
0.263 |
|
|
.*| . | |
. | . | |
7 |
-0.094 |
0.026 |
7.0102 |
0.320 |
|
|
**| . | |
**| . | |
8 |
-0.291 |
-0.247 |
12.319 |
0.091 |
|
|
**| . | |
**| . | |
9 |
-0.239 |
-0.326 |
16.002 |
0.052 |
|
|
.*| . | |
.*| . | |
10 |
-0.142 |
-0.116 |
17.325 |
0.054 |
|
|
.*| . | |
. | . | |
11 |
-0.139 |
0.061 |
18.631 |
0.055 |
|
|
.*| . | |
. | . | |
12 |
-0.091 |
-0.054 |
19.210 |
0.067 |
|
|
. | . | |
.*| . | |
13 |
0.073 |
-0.096 |
19.585 |
0.075 |
|
|
. | . | |
.*| . | |
14 |
-0.015 |
-0.149 |
19.601 |
0.106 |
|
|
. | . | |
. | . | |
15 |
0.009 |
-0.027 |
19.607 |
0.143 |
|
|
. | . | |
. | . | |
16 |
0.058 |
-0.063 |
19.865 |
0.177 |
|
|
. | . | |
.*| . | |
17 |
0.064 |
-0.117 |
20.196 |
0.212 |
|
|
. | . | |
.*| . | |
18 |
0.040 |
-0.166 |
20.329 |
0.258 |
|
|
. |*. | |
.*| . | |
19 |
0.077 |
-0.086 |
20.831 |
0.288 |
|
|
. | . | |
.*| . | |
20 |
0.049 |
-0.067 |
21.043 |
0.334 |
|
|
. |*. | |
. | . | |
21 |
0.105 |
0.050 |
22.030 |
0.339 |
|
|
. |*. | |
. | . | |
22 |
0.106 |
0.050 |
23.086 |
0.339 |
|
|
. |*. | |
. | . | |
23 |
0.090 |
0.016 |
23.862 |
0.354 |
|
|
. | . | |
.*| . | |
24 |
0.027 |
-0.096 |
23.933 |
0.408 |
|
|
Date: 05/23/15 Time: 19:27 |
|||||||
|
Sample: 2004M07 2008M12 |
|||||||
|
Included observations: 52 |
|||||||
|
Autocorrelation |
Partial Correlation |
AC |
PAC |
Q-Stat |
Prob |
||
|
. | . | |
. | . | |
1 |
0.047 |
0.047 |
0.1194 |
0.730 |
|
|
. | . | |
. | . | |
2 |
0.045 |
0.043 |
0.2312 |
0.891 |
|
|
. |*. | |
. |*. | |
3 |
0.139 |
0.136 |
1.3374 |
0.720 |
|
|
. | . | |
. | . | |
4 |
-0.022 |
-0.037 |
1.3668 |
0.850 |
|
|
. | . | |
. | . | |
5 |
0.024 |
0.015 |
1.4007 |
0.924 |
|
|
. |*. | |
. |*. | |
6 |
0.106 |
0.090 |
2.0885 |
0.911 |
|
|
. | . | |
. | . | |
7 |
-0.020 |
-0.022 |
2.1132 |
0.953 |
|
|
. | . | |
. | . | |
8 |
0.004 |
-0.008 |
2.1144 |
0.977 |
|
|
. | . | |
. | . | |
9 |
-0.006 |
-0.030 |
2.1168 |
0.989 |
|
|
. | . | |
. | . | |
10 |
-0.020 |
-0.007 |
2.1433 |
0.995 |
|
|
. |*. | |
. |*. | |
11 |
0.186 |
0.190 |
4.5023 |
0.953 |
|
|
. | . | |
. | . | |
12 |
0.025 |
0.006 |
4.5468 |
0.971 |
|
|
. | . | |
. | . | |
13 |
0.060 |
0.053 |
4.8092 |
0.979 |
|
|
. | . | |
. | . | |
14 |
0.070 |
0.017 |
5.1702 |
0.983 |
|
|
. | . | |
. | . | |
15 |
0.052 |
0.058 |
5.3744 |
0.988 |
|
|
. | . | |
. | . | |
16 |
-0.019 |
-0.044 |
5.4018 |
0.993 |
|
|
. | . | |
.*| . | |
17 |
-0.030 |
-0.083 |
5.4754 |
0.996 |
|
|
. | . | |
. | . | |
18 |
-0.023 |
-0.027 |
5.5181 |
0.998 |
|
|
. | . | |
. | . | |
19 |
-0.006 |
0.005 |
5.5207 |
0.999 |
|
|
. | . | |
. | . | |
20 |
0.033 |
0.053 |
5.6163 |
0.999 |
|
|
. | . | |
. | . | |
21 |
-0.011 |
-0.011 |
5.6268 |
1.000 |
|
|
. | . | |
. | . | |
22 |
-0.008 |
-0.034 |
5.6324 |
1.000 |
|
|
. | . | |
. | . | |
23 |
-0.043 |
-0.041 |
5.8122 |
1.000 |
|
|
. | . | |
. | . | |
24 |
-0.017 |
-0.023 |
5.8413 |
1.000 |
|
Приложение 4
Расширенный тест Дики-Фуллера на единичный корень
|
Null Hypothesis: LEVELS_CURVE has a unit root |
|||||
|
Exogenous: Constant, Linear Trend |
|||||
|
Lag Length: 0 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-1.145560 |
0.9111 |
|||
|
Test critical values: |
1% level |
-4.140858 |
|||
|
5% level |
-3.496960 |
||||
|
10% level |
-3.177579 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(LEVELS_CURVE) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 20:42 |
|||||
|
Sample (adjusted): 2004M08 2008M12 |
|||||
|
Included observations: 53 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
LEVELS_CURVE(-1) |
-0.105941 |
0.092480 |
-1.145560 |
0.2574 |
|
|
C |
0.198613 |
0.211237 |
0.940236 |
0.3516 |
|
|
@TREND("2004M07") |
-0.004850 |
0.005743 |
-0.844441 |
0.4024 |
|
|
R-squared |
0.042168 |
Mean dependent var |
-0.078086 |
||
|
Adjusted R-squared |
0.003855 |
S.D. dependent var |
0.638588 |
||
|
S.E. of regression |
0.637356 |
Akaike info criterion |
1.991961 |
||
|
Sum squared resid |
20.31111 |
Schwarz criterion |
2.103487 |
||
|
Log likelihood |
-49.78696 |
Hannan-Quinn criter. |
2.034848 |
||
|
F-statistic |
1.100621 |
Durbin-Watson stat |
1.304803 |
||
|
Prob(F-statistic) |
0.340588 |
||||
|
Null Hypothesis: D(LEVELS_CURVE) has a unit root |
|||||
|
Exogenous: Constant, Linear Trend |
|||||
|
Lag Length: 1 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-5.320890 |
0.0003 |
|||
|
Test critical values: |
1% level |
-4.148465 |
|||
|
5% level |
-3.500495 |
||||
|
10% level |
-3.179617 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(LEVELS_CURVE,2) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 20:43 |
|||||
|
Sample (adjusted): 2004M10 2008M12 |
|||||
|
Included observations: 51 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
D(LEVELS_CURVE(-1)) |
-1.069281 |
0.200959 |
-5.320890 |
0.0000 |
|
|
D(LEVELS_CURVE(-1),2) |
0.344521 |
0.156579 |
2.200305 |
0.0327 |
|
|
C |
0.136738 |
0.180108 |
0.759201 |
0.4515 |
|
|
@TREND("2004M07") |
-0.006718 |
0.005715 |
-1.175657 |
0.2457 |
|
|
R-squared |
0.416649 |
Mean dependent var |
-0.028308 |
||
|
Adjusted R-squared |
0.379413 |
S.D. dependent var |
0.755227 |
||
|
S.E. of regression |
0.594947 |
Akaike info criterion |
1.874497 |
||
|
Sum squared resid |
16.63624 |
Schwarz criterion |
2.026013 |
||
|
Log likelihood |
-43.79968 |
Hannan-Quinn criter. |
1.932396 |
||
|
F-statistic |
11.18964 |
Durbin-Watson stat |
1.955794 |
||
|
Prob(F-statistic) |
0.000012 |
||||
|
Null Hypothesis: D(LEVELS_CURVE) has a unit root |
|||||
|
Exogenous: None |
|||||
|
Lag Length: 0 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-5.188479 |
0.0000 |
|||
|
Test critical values: |
1% level |
-2.610192 |
|||
|
5% level |
-1.947248 |
||||
|
10% level |
-1.612797 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(LEVELS_CURVE,2) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 20:43 |
|||||
|
Sample (adjusted): 2004M09 2008M12 |
|||||
|
Included observations: 52 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
D(LEVELS_CURVE(-1)) |
-0.734691 |
0.141601 |
-5.188479 |
0.0000 |
|
|
R-squared |
0.345310 |
Mean dependent var |
-0.012250 |
||
|
Adjusted R-squared |
0.345310 |
S.D. dependent var |
0.756699 |
||
|
S.E. of regression |
0.612267 |
Akaike info criterion |
1.875746 |
||
|
Sum squared resid |
19.11841 |
Schwarz criterion |
1.913270 |
||
|
Log likelihood |
-47.76941 |
Hannan-Quinn criter. |
1.890132 |
||
|
Durbin-Watson stat |
1.782338 |
||||
|
Null Hypothesis: SLOPES_CURVE has a unit root |
|||||
|
Exogenous: Constant, Linear Trend |
|||||
|
Lag Length: 4 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-1.191688 |
0.9011 |
|||
|
Test critical values: |
1% level |
-4.156734 |
|||
|
5% level |
-3.504330 |
||||
|
10% level |
-3.181826 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(SLOPES_CURVE) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 20:44 |
|||||
|
Sample (adjusted): 2004M12 2008M12 |
|||||
|
Included observations: 49 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
SLOPES_CURVE(-1) |
-0.047449 |
0.039817 |
-1.191688 |
0.2401 |
|
|
D(SLOPES_CURVE(-1)) |
0.201342 |
0.227355 |
0.885586 |
0.3809 |
|
|
D(SLOPES_CURVE(-2)) |
0.257468 |
0.297693 |
0.864879 |
0.3920 |
|
|
D(SLOPES_CURVE(-3)) |
0.654486 |
0.309753 |
2.112932 |
0.0406 |
|
|
D(SLOPES_CURVE(-4)) |
-0.953641 |
0.264990 |
-3.598784 |
0.0008 |
|
|
C |
0.228539 |
0.115093 |
1.985689 |
0.0536 |
|
|
@TREND("2004M07") |
-0.009922 |
0.003918 |
-2.532189 |
0.0152 |
|
|
R-squared |
0.441236 |
Mean dependent var |
-0.067414 |
||
|
Adjusted R-squared |
0.361413 |
S.D. dependent var |
0.348851 |
||
|
S.E. of regression |
0.278772 |
Akaike info criterion |
0.414721 |
||
|
Sum squared resid |
3.263989 |
Schwarz criterion |
0.684981 |
||
|
Log likelihood |
-3.160667 |
Hannan-Quinn criter. |
0.517257 |
||
|
F-statistic |
5.527650 |
Durbin-Watson stat |
1.810722 |
||
|
Prob(F-statistic) |
0.000272 |
||||
|
Null Hypothesis: D(SLOPES_CURVE) has a unit root |
|||||
|
Exogenous: Constant, Linear Trend |
|||||
|
Lag Length: 3 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-4.241152 |
0.0080 |
|||
|
Test critical values: |
1% level |
-4.156734 |
|||
|
5% level |
-3.504330 |
||||
|
10% level |
-3.181826 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(SLOPES_CURVE,2) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 20:45 |
|||||
|
Sample (adjusted): 2004M12 2008M12 |
|||||
|
Included observations: 49 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
D(SLOPES_CURVE(-1)) |
-0.980290 |
0.231138 |
-4.241152 |
0.0001 |
|
|
D(SLOPES_CURVE(-1),2) |
0.102649 |
0.307271 |
0.334067 |
0.7400 |
|
|
D(SLOPES_CURVE(-2),2) |
0.369490 |
0.271733 |
1.359751 |
0.1810 |
|
|
D(SLOPES_CURVE(-3),2) |
0.962392 |
0.266179 |
3.615583 |
0.0008 |
|
|
C |
0.237803 |
0.115390 |
2.060871 |
0.0454 |
|
|
@TREND("2004M07") |
-0.009302 |
0.003903 |
-2.383596 |
0.0216 |
|
|
R-squared |
0.518965 |
Mean dependent var |
0.013212 |
||
|
Adjusted R-squared |
0.463031 |
S.D. dependent var |
0.382284 |
||
|
S.E. of regression |
0.280131 |
Akaike info criterion |
0.407158 |
||
|
Sum squared resid |
3.374352 |
Schwarz criterion |
0.638810 |
||
|
Log likelihood |
-3.975373 |
Hannan-Quinn criter. |
0.495046 |
||
|
F-statistic |
9.278127 |
Durbin-Watson stat |
1.778843 |
||
|
Prob(F-statistic) |
0.000005 |
||||
|
Null Hypothesis: D(SLOPES_CURVE) has a unit root |
|||||
|
Exogenous: None |
|||||
|
Lag Length: 3 (Automatic - based on SIC, maxlag=10) |
|||||
|
t-Statistic |
Prob.* |
||||
|
Augmented Dickey-Fuller test statistic |
-3.403073 |
0.0011 |
|||
|
Test critical values: |
1% level |
-2.613010 |
|||
|
5% level |
-1.947665 |
||||
|
10% level |
-1.612573 |
||||
|
*MacKinnon (1996) one-sided p-values. |
|||||
|
Augmented Dickey-Fuller Test Equation |
|||||
|
Dependent Variable: D(SLOPES_CURVE,2) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/31/15 Time: 20:45 |
|||||
|
Sample (adjusted): 2004M12 2008M12 |
|||||
|
Included observations: 49 after adjustments |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
D(SLOPES_CURVE(-1)) |
-0.603481 |
0.177334 |
-3.403073 |
0.0014 |
|
|
D(SLOPES_CURVE(-1),2) |
-0.162315 |
0.292190 |
-0.555511 |
0.5813 |
|
|
D(SLOPES_CURVE(-2),2) |
0.209553 |
0.271328 |
0.772324 |
0.4440 |
|
|
D(SLOPES_CURVE(-3),2) |
0.852834 |
0.266958 |
3.194635 |
0.0026 |
|
|
R-squared |
0.453300 |
Mean dependent var |
0.013212 |
||
|
Adjusted R-squared |
0.416853 |
S.D. dependent var |
0.382284 |
||
|
S.E. of regression |
0.291928 |
Akaike info criterion |
0.453486 |
||
|
Sum squared resid |
3.834979 |
Schwarz criterion |
0.607920 |
||
|
Log likelihood |
-7.110408 |
Hannan-Quinn criter. |
0.512078 |
||
|
Durbin-Watson stat |
1.658395 |
||||
Результаты регрессионного анализа
|
Dependent Variable: D(LEVELS_CURVE) |
|||||
|
Method: ML - ARCH (Marquardt) - Normal distribution |
|||||
|
Date: 05/31/15 Time: 20:47 |
|||||
|
Sample (adjusted): 2004M10 2008M12 |
|||||
|
Included observations: 51 after adjustments |
|||||
|
Convergence achieved after 26 iterations |
|||||
|
MA Backcast: 2004M09 |
|||||
|
Presample variance: backcast (parameter = 0.7) |
|||||
|
GARCH = C(5) + C(6)*GARCH(-1) |
|||||
|
Variable |
Coefficient |
Std. Error |
z-Statistic |
Prob. |
|
|
C |
-0.002493 |
0.017891 |
-0.139336 |
0.8892 |
|
|
D(INF_LEVELS_NOCHINA) |
1.039288 |
0.083034 |
12.51641 |
0.0000 |
|
|
AR(2) |
-0.546988 |
0.162227 |
-3.371749 |
0.0007 |
|
|
MA(1) |
-0.546176 |
0.130401 |
-4.188441 |
0.0000 |
|
|
Variance Equation |
|||||
|
C |
0.302108 |
0.066067 |
4.572771 |
0.0000 |
|
|
GARCH(-1) |
-1.014013 |
0.048526 |
-20.89627 |
0.0000 |
|
|
R-squared |
0.594730 |
Mean dependent var |
-0.055948 |
||
|
Adjusted R-squared |
0.568862 |
S.D. dependent var |
0.635886 |
||
|
S.E. of regression |
0.417529 |
Akaike info criterion |
1.212603 |
||
|
Sum squared resid |
8.193545 |
Schwarz criterion |
1.439877 |
||
|
Log likelihood |
-24.92139 |
Hannan-Quinn criter. |
1.299451 |
||
|
Durbin-Watson stat |
1.830878 |
||||
|
Inverted MA Roots |
.55 |
||||
|
Date: 05/31/15 Time: 20:47 |
|||||||
|
Sample: 2004M07 2008M12 |
|||||||
|
Included observations: 51 |
|||||||
|
Q-statistic probabilities adjusted for 2 ARMA terms and 1 dynamic regressor |
|||||||
|
Autocorrelation |
Partial Correlation |
AC |
PAC |
Q-Stat |
Prob* |
||
|
. |*. | |
. |*. | |
1 |
0.077 |
0.077 |
0.3235 |
||
|
.*| . | |
.*| . | |
2 |
-0.066 |
-0.072 |
0.5621 |
||
|
.*| . | |
.*| . | |
3 |
-0.086 |
-0.076 |
0.9781 |
0.323 |
|
|
. | . | |
. | . | |
4 |
-0.031 |
-0.023 |
1.0323 |
0.597 |
|
|
. |*. | |
. |*. | |
5 |
0.107 |
0.102 |
1.7047 |
0.636 |
|
|
. |*. | |
. | . | |
6 |
0.093 |
0.069 |
2.2293 |
0.694 |
|
|
.*| . | |
.*| . | |
7 |
-0.159 |
-0.168 |
3.7745 |
0.582 |
|
|
.*| . | |
. | . | |
8 |
-0.097 |
-0.051 |
4.3654 |
0.627 |
|
|
.*| . | |
.*| . | |
9 |
-0.133 |
-0.127 |
5.4977 |
0.599 |
|
|
. | . | |
. | . | |
10 |
0.020 |
0.004 |
5.5228 |
0.701 |
|
|
. | . | |
.*| . | |
11 |
-0.048 |
-0.107 |
5.6799 |
0.771 |
|
|
. |*. | |
. |*. | |
12 |
0.134 |
0.162 |
6.9263 |
0.732 |
|
|
. | . | |
. | . | |
13 |
-0.005 |
-0.004 |
6.9283 |
0.805 |
|
|
.*| . | |
.*| . | |
14 |
-0.083 |
-0.071 |
7.4337 |
0.828 |
|
|
. |*. | |
. |*. | |
15 |
0.137 |
0.174 |
8.8468 |
0.784 |
|
|
. | . | |
. | . | |
16 |
0.060 |
-0.000 |
9.1222 |
0.823 |
|
|
. | . | |
. | . | |
17 |
-0.017 |
-0.047 |
9.1452 |
0.870 |
|
|
. | . | |
. | . | |
18 |
0.004 |
-0.044 |
9.1463 |
0.907 |
|
|
**| . | |
.*| . | |
19 |
-0.213 |
-0.165 |
12.994 |
0.737 |
|
|
. | . | |
. | . | |
20 |
0.004 |
0.013 |
12.996 |
0.792 |
|
|
. | . | |
. | . | |
21 |
0.063 |
0.021 |
13.356 |
0.820 |
|
|
. | . | |
. | . | |
22 |
-0.020 |
-0.017 |
13.394 |
0.860 |
|
|
. | . | |
. | . | |
23 |
-0.008 |
0.044 |
13.399 |
0.894 |
|
|
. | . | |
. | . | |
24 |
-0.013 |
0.047 |
13.416 |
0.921 |
|
|
Date: 05/31/15 Time: 20:47 |
|||||||
|
Sample: 2004M07 2008M12 |
|||||||
|
Included observations: 51 |
|||||||
|
Autocorrelation |
Partial Correlation |
AC |
PAC |
Q-Stat |
Prob* |
||
|
. | . | |
. | . | |
1 |
0.046 |
0.046 |
0.1129 |
0.737 |
|
|
. | . | |
. | . | |
2 |
-0.061 |
-0.064 |
0.3202 |
0.852 |
|
|
. |** | |
. |** | |
3 |
0.265 |
0.273 |
4.2880 |
0.232 |
|
|
. | . | |
. | . | |
4 |
0.052 |
0.019 |
4.4440 |
0.349 |
|
|
. | . | |
. | . | |
5 |
-0.058 |
-0.028 |
4.6418 |
0.461 |
|
|
. | . | |
. | . | |
6 |
0.064 |
0.002 |
4.8880 |
0.558 |
|
|
. |*. | |
. |*. | |
7 |
0.117 |
0.096 |
5.7283 |
0.572 |
|
|
. | . | |
. | . | |
8 |
-0.047 |
-0.037 |
5.8686 |
0.662 |
|
|
. | . | |
. |*. | |
9 |
0.066 |
0.076 |
6.1497 |
0.725 |
|
|
. | . | |
. | . | |
10 |
0.017 |
-0.060 |
6.1697 |
0.801 |
|
|
. | . | |
. | . | |
11 |
-0.044 |
-0.015 |
6.3010 |
0.853 |
|
|
. | . | |
. | . | |
12 |
0.029 |
0.004 |
6.3578 |
0.897 |
|
|
.*| . | |
.*| . | |
13 |
-0.103 |
-0.123 |
7.1175 |
0.896 |
|
|
. | . | |
. | . | |
14 |
-0.047 |
-0.020 |
7.2815 |
0.923 |
|
|
. | . | |
. | . | |
15 |
-0.037 |
-0.059 |
7.3866 |
0.946 |
|
|
. |** | |
. |** | |
16 |
0.217 |
0.292 |
11.008 |
0.809 |
|
|
. | . | |
. | . | |
17 |
0.008 |
-0.003 |
11.013 |
0.856 |
|
|
.*| . | |
.*| . | |
18 |
-0.109 |
-0.069 |
11.990 |
0.848 |
|
|
. | . | |
.*| . | |
19 |
0.048 |
-0.088 |
12.182 |
0.878 |
|
|
. | . | |
. | . | |
20 |
-0.056 |
-0.061 |
12.454 |
0.900 |
|
|
. | . | |
. | . | |
21 |
-0.030 |
0.051 |
12.538 |
0.924 |
|
|
.*| . | |
.*| . | |
22 |
-0.079 |
-0.082 |
13.121 |
0.930 |
|
|
.*| . | |
.*| . | |
23 |
-0.071 |
-0.106 |
13.612 |
0.937 |
|
|
. | . | |
. | . | |
24 |
-0.021 |
-0.007 |
13.655 |
0.954 |
|
|
Dependent Variable: D(SLOPES_CURVE) |
|||||
|
Method: Least Squares |
|||||
|
Date: 05/23/15 Time: 20:58 |
|||||
|
Sample (adjusted): 2004M08 2008M12 |
|||||
|
Included observations: 53 after adjustments |
|||||
|
Convergence achieved after 9 iterations |
|||||
|
MA Backcast: 2004M06 2004M07 |
|||||
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
|
C |
0.032573 |
0.071683 |
0.454399 |
0.6515 |
|
|
D(CLI_LEVELS_NOCHINA) |
0.390603 |
0.144090 |
2.710830 |
0.0092 |
|
|
MA(2) |
0.922708 |
0.028665 |
32.18900 |
0.0000 |
|
|
R-squared |
0.516081 |
Mean dependent var |
-0.035324 |
||
|
Adjusted R-squared |
0.496725 |
S.D. dependent var |
0.355367 |
||
|
S.E. of regression |
0.252104 |
Akaike info criterion |
0.136990 |
||
|
Sum squared resid |
3.177825 |
Schwarz criterion |
0.248516 |
||
|
Log likelihood |
-0.630229 |
Hannan-Quinn criter. |
0.179877 |
||
|
F-statistic |
26.66157 |
Durbin-Watson stat |
1.884816 |
||
|
Prob(F-statistic) |
0.000000 |
||||
|
Date: 05/23/15 Time: 20:57 |
|||||||
|
Sample: 2004M07 2008M12 |
|||||||
|
Included observations: 53 |
|||||||
|
Q-statistic probabilities adjusted for 1 ARMA term and 1 dynamic regressor |
|||||||
|
Autocorrelation |
Partial Correlation |
AC |
PAC |
Q-Stat |
Prob* |
||
|
. | . | |
. | . | |
1 |
-0.042 |
-0.042 |
0.0993 |
||
|
. | . | |
. | . | |
2 |
0.029 |
0.028 |
0.1482 |
0.700 |
|
|
. |** | |
. |** | |
3 |
0.230 |
0.233 |
3.2215 |
0.200 |
|
|
. | . | |
. | . | |
4 |
-0.039 |
-0.021 |
3.3120 |
0.346 |
|
|
.*| . | |
.*| . | |
5 |
-0.133 |
-0.160 |
4.3805 |
0.357 |
|
|
. |*. | |
. | . | |
6 |
0.078 |
0.016 |
4.7622 |
0.446 |
|
|
. | . | |
. |*. | |
7 |
0.062 |
0.105 |
5.0086 |
0.543 |
|
|
.*| . | |
.*| . | |
8 |
-0.154 |
-0.095 |
6.5405 |
0.478 |
|
|
.*| . | |
**| . | |
9 |
-0.145 |
-0.222 |
7.9249 |
0.441 |
|
|
.*| . | |
.*| . | |
10 |
-0.097 |
-0.171 |
8.5660 |
0.478 |
|
|
.*| . | |
. | . | |
11 |
-0.101 |
-0.006 |
9.2756 |
0.506 |
|
|
.*| . | |
. | . | |
12 |
-0.125 |
-0.022 |
10.386 |
0.496 |
|
|
. | . | |
. | . | |
13 |
0.020 |
0.005 |
10.414 |
0.580 |
|
|
. | . | |
. | . | |
14 |
0.016 |
-0.008 |
10.433 |
0.658 |
|
|
. | . | |
. |*. | |
15 |
0.046 |
0.107 |
10.599 |
0.717 |
|
|
. | . | |
. | . | |
16 |
0.022 |
0.050 |
10.636 |
0.778 |
|
|
. |*. | |
. | . | |
17 |
0.082 |
0.042 |
11.175 |
0.799 |
|
|
. | . | |
. | . | |
18 |
0.070 |
0.009 |
11.579 |
0.825 |
|
|
. | . | |
. | . | |
19 |
0.047 |
0.009 |
11.766 |
0.859 |
|
|
. | . | |
.*| . | |
20 |
-0.003 |
-0.082 |
11.766 |
0.895 |
|
|
. | . | |
. | . | |
21 |
0.055 |
-0.030 |
12.041 |
0.915 |
|
|
. | . | |
. | . | |
22 |
0.052 |
0.037 |
12.293 |
0.931 |
|
|
. | . | |
. | . | |
23 |
0.010 |
0.064 |
12.304 |
0.951 |
|
|
. | . | |
.*| . | |
24 |
-0.065 |
-0.083 |
12.729 |
0.958 |
|
|
Date: 05/23/15 Time: 20:53 |
|||||||
|
Sample: 2004M07 2008M12 |
|||||||
|
Included observations: 53 |
|||||||
|
Autocorrelation |
Partial Correlation |
AC |
PAC |
Q-Stat |
Prob* |
||
|
. |*. | |
. |*. | |
1 |
0.193 |
0.193 |
2.0793 |
0.149 |
|
|
. | . | |
. | . | |
2 |
-0.022 |
-0.061 |
2.1068 |
0.349 |
|
|
. |*. | |
. |*. | |
3 |
0.148 |
0.172 |
3.3883 |
0.336 |
|
|
. | . | |
. | . | |
4 |
0.009 |
-0.062 |
3.3931 |
0.494 |
|
|
**| . | |
**| . | |
5 |
-0.248 |
-0.236 |
7.1415 |
0.210 |
|
|
.*| . | |
.*| . | |
6 |
-0.163 |
-0.101 |
8.7922 |
0.186 |
|
|
.*| . | |
.*| . | |
7 |
-0.182 |
-0.175 |
10.899 |
0.143 |
|
|
.*| . | |
. | . | |
8 |
-0.135 |
-0.014 |
12.088 |
0.147 |
|
|
.*| . | |
. | . | |
9 |
-0.093 |
-0.053 |
12.656 |
0.179 |
|
|
. | . | |
. | . | |
10 |
-0.043 |
-0.035 |
12.780 |
0.236 |
|
|
**| . | |
**| . | |
11 |
-0.219 |
-0.291 |
16.111 |
0.137 |
|
|
.*| . | |
.*| . | |
12 |
-0.070 |
-0.097 |
16.461 |
0.171 |
|
|
. | . | |
.*| . | |
13 |
-0.013 |
-0.132 |
16.473 |
0.225 |
|
|
.*| . | |
.*| . | |
14 |
-0.096 |
-0.148 |
17.164 |
0.248 |
|
|
. | . | |
. | . | |
15 |
0.009 |
-0.031 |
17.171 |
0.309 |
|
|
. |*. | |
. | . | |
16 |
0.166 |
-0.019 |
19.329 |
0.252 |
|
|
. |** | |
. |*. | |
17 |
0.214 |
0.110 |
23.031 |
0.148 |
|
|
. |*. | |
. | . | |
18 |
0.171 |
-0.008 |
25.468 |
0.113 |
|
|
. |*. | |
. | . | |
19 |
0.178 |
0.042 |
28.186 |
0.080 |
|
|
. |*. | |
. | . | |
20 |
0.147 |
0.001 |
30.095 |
0.068 |
|
|
.*| . | |
.*| . | |
21 |
-0.073 |
-0.157 |
30.580 |
0.081 |
|
|
. | . | |
. |*. | |
22 |
0.064 |
0.143 |
30.961 |
0.097 |
|
|
. | . | |
. | . | |
23 |
-0.024 |
-0.030 |
31.019 |
0.122 |
|
|
**| . | |
.*| . | |
24 |
-0.221 |
-0.073 |
35.947 |
0.061 |
|
Размещено на Allbest.ru
Подобные документы
Размер и динамика государственных расходов. Управление государственным долгом. Структура денежной массы. Динамика процентных ставок. Регулирование отрасли телекоммуникаций государством. Анализ структуры капитала и доходности компании ОАО АФК "Система".
курсовая работа [628,3 K], добавлен 18.01.2013Общая характеристика промышленно развитых стран. Основные признаки промышленно развитых стран. Дифференциация и выравнивание уровней экономического развития индустриальных стран Запада. Внутренние рынки промышленно развитых капиталистические стран.
курсовая работа [63,1 K], добавлен 10.03.2003Сущность и формы экономической интеграции. Финансово-промышленные группы как фактор развития экономической интеграции. Стратегия создания и основные направления ФПГ в Беларуси. Цели создания СНГ. Тенденции развития экономической интеграции стран СНГ.
курсовая работа [38,6 K], добавлен 23.01.2009Показатели использования капитала. Методика их расчета. Факторный анализ рентабельности капитала. Анализ оборачиваемости капитала. Оценка эффективности использования заемного капитала. Эффект финансового рычага. Анализ доходности собственного капитала.
курсовая работа [58,5 K], добавлен 20.05.2004Сущность и классификация капитала предприятия. Исследование методов управления собственным капиталом ОАО "Сан ИнБев" и увеличения его доходности. Формирование собственного капитала предприятия. Анализ состава и движения собственного капитала предприятия.
курсовая работа [644,9 K], добавлен 28.01.2012Агропромышленный комплекс и его развитие. Понятие, состав и структура АПК Беларуси. Сельское хозяйство Германии. Понятие и сущность агропромышленной интеграции. Виды и формы агропромышленной интеграции. Государственное регулирование сельского хозяйства.
курсовая работа [70,5 K], добавлен 14.03.2009Факторы экономической интеграции бывших советских республик. Успехи и неудачи СНГ. Перспективы СНГ. Главные препятствия интеграции – опасения в странах – членах СНГ ограничить свой суверенитет, экономические трудности.
реферат [27,3 K], добавлен 26.04.2003Сущность финансовой устойчивости и доходности. Индикатор и шкала финансово-экономической устойчивости. Анализ финансового состояния предприятия "МАП". Прогнозирование финансово-хозяйственной деятельности предприятия. Оптимизация ценообразования.
дипломная работа [524,4 K], добавлен 24.10.2002Вертикальный и горизонтальный анализ бухгалтерского баланса. Анализ эффективности и интенсивности использования капитала предприятия. Анализ прибыли и рентабельности предприятия. Анализ финансовой устойчивости предприятия.
курсовая работа [113,3 K], добавлен 18.05.2007Планирование в развитых странах как форма регулирования рынка. Финансовые затраты развитых стран. Особенности государственного регулирования хозяйства в США, Великобритании, Франции, Германии. Объяснение высоких темпов роста японской промышленности.
курсовая работа [41,8 K], добавлен 10.03.2016
