Table 3 Bayer and Hanck [10] cointegration

Specification

1. F_rgdp (lnrgdp| lnintrade, lnk, lnl, lnPcrd, lncrisis)

18.9276a

26.8662a

YES

2. F_rgdp (lnrgdp| lnexport,lnimport, lnk, lnl, lnPcrd, lncrisis)

55.576a

166.1003a

YES

3. F_rgdp (lnrgdp| lninflow, lnk, lnl, lnPcrd, lncrisis)

15.7071b

35.9855a

YES

4. F_rgdp (lnrgdp| lnintrade, lnk, lnl lnPcrd, ln(trade*crisis)

55.7115a

62.2535a

YES

5. F_rgdp (lnrgdp| lnexport, lnk, lnl, lnPcrd, ln(export*crisis)

19.1609a

21.6699a

YES

6. F_rgdp (lnrgdp| lnimport, lnk, lnl, lnPcrd, ln(import*crisis)

17.3731a

21.3358a

YES

7. F_rgdp (lnrgdp| lninflow, lnk, lnl, lnPcrd, ln(inflow*crisis)

18.2767a

41.7489a

YES

5% critical value

10.419

19.888

10.352

19.761