| Independent variables | 1992.01-2001.09 period | 2001.10-2016.12 period | ||||||
|---|---|---|---|---|---|---|---|---|
| Dependent variable | Dependent variable | |||||||
| UCp | CUp | UCf | CUf | UCp | CUp | UCf | CUf | |
| UCp(-1) | - | 0.038*** | 0.091** | 0.159* | - | 0.767 | 0.681 | 0.615 |
| CUp(-1) | 0.649 | - | 0.090** | 0.389 | 0.572 | - | 0.306 | 0.234 |
| URp(-1) | 0.296 | 0.460 | 0.161* | 0.543 | 0.052** | 0.033*** | 0.054** | 0.571 |
| RUp(-1) | 0.264 | 0.383 | 0.208 | 0.849 | 0.156* | 0.146* | 0.224 | 0.633 |
| RCp(-1) | 0.007*** | 0.019*** | 0.328 | 0.024*** | 0.444 | 0.342 | 0.503 | 0.619 |
| CRp(-1) | 0.007*** | 0.018*** | 0.382 | 0.018*** | 0.432 | 0.331 | 0.319 | 0.646 |
| UCf(-1) | 0.866 | 0.754 | - | 0.149* | 0.027*** | 0.031* | - | 0.010*** |
| CUf(-1) | 0.295 | 0.537 | 0.042*** | - | 0.760 | 0.698 | 0.269 | - |
| URf(-1) | 0.143* | 0.210 | 0.146* | 0.012*** | 0.833 | 0.836 | 0.083** | 0.078** |
| RUf(-1) | 0.872 | 0.873 | 0.933 | 0.867 | 0.856 | 0.979 | 0.101* | 0.550 |
| RCf(-1) | 0.223 | 0.485 | 0.357 | 0.880 | 0.127* | 0.055** | 0.283 | 0.671 |
| CRf(-1) | 0.473 | 0.561 | 0.496 | 0.669 | 0.557 | 0.253 | 0.829 | 0.731 |
| R2 | 0.726 | 0.713 | 0.558 | 0.570 | 0.892 | 0.897 | 0.912 | 0.914 |
| Adjusted R2 | 0.694 | 0.680 | 0.506 | 0.519 | 0.884 | 0.890 | 0.905 | 0.908 |
| F-statistic | 22.741 | 21.320 | 10.826 | 11.356 | 115.926 | 122.708 | 145.113 | 149.057 |