The Euro Area variables are constructed as weighted averages of the corresponding series of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, and Spain. The weights are each country’s mean shares of the Euro Area’s real GDP in PPP over the period 1995-2000. The real GDP in PPP series are obtained from the World Bank’s World Development Indicators 2002.
Following Pesaran et al. (2004a), the variables used in the estimation of each country/region-speci…c VEC model are constructed from the series above as follows:
y= ln[100 (Y CC=P OP)=P OP2000];
sr= 0:25 ln(1 +SR=100) ln(CP I+1=CP I);
q= ln(100 N ER=N ER2000) ln(CP I);
nf a=N F A=(Y N C=N ER);
yi =PN 1 j=0 wijyj; sri =PN 1
j=0 wijsrj;
oil= ln(100 OIL=CP I2000).
References
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Table 1: Trade weights
Argentina Bolivia Brazil Chile Mexico Peru Euro Area Japan US
Argentina 0 0.158 0.178 0.126 0.003 0.033 0.026 0.004 0.012
Bolivia 0.011 0 0.008 0.010 0.000 0.023 0.001 0.000 0.001
Brazil 0.358 0.149 0 0.094 0.009 0.064 0.067 0.020 0.041
Chile 0.075 0.077 0.029 0 0.006 0.080 0.015 0.012 0.011
Mexico 0.025 0.020 0.028 0.054 0 0.041 0.031 0.020 0.283
Peru 0.010 0.093 0.008 0.026 0.002 0 0.005 0.002 0.006
Euro Area 0.273 0.077 0.334 0.248 0.060 0.219 0 0.272 0.342
Japan 0.042 0.091 0.081 0.149 0.027 0.083 0.224 0 0.305
US 0.207 0.335 0.334 0.293 0.894 0.458 0.631 0.670 0
Notes: Trade weights, computed as shares of exports and imports in 1995-2001, are displayed in column by country/region. Each column, but not row, sums to one. Source: Direction of Trade Statistics Yearbook, IMF, 2002.
Table 2: ADF unit root test statistics Panel [A]. AIC order selection
Argentina Bolivia Brazil Chile Mexico Peru Euro Area Japan US
y -1.92 -1.33 -1.74 -2.57 -2.28 -1.67 -3.25 -1.49 -2.84
nfa -1.86 -2.71 -1.06 -4.41 -3.03 -3.90 -5.14 -1.20 -3.04
∆nfa -7.82 -2.67 -4.88 -2.96 -5.02 -5.24 -3.45 -5.60 -3.18
y* -2.12 -2.80 -2.05 -3.64 -2.92 -3.19 -3.49 -4.32 -2.65
∆y* -9.30 -8.02 -5.44 -4.76 -4.74 -4.91 -3.70 -4.96 -5.42
sr* -2.04 -2.79 -6.02 -7.78 -2.62 -3.84 -3.27 -3.53 -2.53
∆sr* -2.70 -2.96 -4.98 -7.55 -6.32 -7.41 -4.61 -12.42 -6.57
oil - - - - - - - - -1.85
∆oil - - - - - - - - -5.87
Panel [B]. Modified AIC order selection
Argentina Bolivia Brazil Chile Mexico Peru Euro Area Japan US
y -1.92 -1.33 -1.74 -2.57 -2.28 -1.67 -1.96 -1.49 -2.88
∆y -4.54 -2.79 -2.59 -3.24 -4.02 -2.56 -2.76 -3.24 -4.39
sr -1.69 -2.32 -3.39 -1.25 -2.68 -0.90 -1.87 -1.20 -0.85
∆sr -16.65 -11.40 -7.74 -5.30 -5.71 -5.20 -14.66 -18.48 -12.48
q -2.65 -1.19 -1.48 -1.76 -4.07 -1.58 -2.47 -1.58 -2.31
∆q -3.73 -1.98 -6.32 -1.86 -4.59 -3.58 -4.10 -4.19 -2.25
nfa -1.15 -3.10 -1.06 -2.42 -1.61 -2.31 -3.78 -1.20 -3.19
∆nfa -2.34 -1.72 -1.95 -1.61 -4.33 -4.85 -2.37 -4.02 -1.83
y* -2.12 -1.98 -1.51 -2.25 -2.92 -2.78 -2.24 -3.02 -1.84
∆y* -2.80 -5.03 -3.84 -4.90 -4.02 -5.02 -5.93 -3.22 -4.87
sr* -1.16 -2.11 -4.64 -1.49 -0.79 -2.61 -2.26 0.08 -2.06
∆sr* -2.37 -2.57 -19.04 -15.77 -12.60 -13.20 -18.86 -12.42 -4.53
oil - - - - - - - - -1.85
∆oil - - - - - - - - -6.27
Notes: The ADF statistics are based on univariate AR(p) models in the levels with p chosen according to the modified AIC, with a maximum lag order of 11. The sample period is 1980:1-2003:4. The regressions for all variables in the levels include an intercept and a linear trend with the exception of interest rates whose underlying regressions include only an intercept. The 95 percent critical value for regressions with trend is -3.46 and for regressions without trend -2.89.
Table 3: ADF unit root tests with breaks statistics
Panel [A]. Level variables
y sr q nfa y* sr* oil
Argentina
Suggested break date 1994 Q2 1991 Q2 1984 Q2 1984 Q4 1985 Q1 1990 Q3
-Test statistic -2.23 [8] -3.61 [3] -1.52 [2] -1.83 [3] -1.37 [0] -2.58 [7] -Bolivia
Suggested break date 1985 Q2 1991 Q1 1984 Q3 1988 Q4 1994 Q2 1994 Q2
-Test statistic -1.04 [10] -1.07 [7] -1.34 [2] -3.52 [10] -2.56 [1] -5.83 [7] -Brazil
Suggested break date 1995 Q1 1988 Q4 1994 Q4 1989 Q2 1991 Q2 1982 Q2
-Test statistic -1.88 [0] -1.63 [1] -2.03 [5] -2.30 [5] -1.87 [9] -4.85 [4] -Chile
Suggested break date 1995 Q1 1991 Q2 2003 Q1 1987 Q1 1985 Q1 1990 Q3
-Test statistic -1.11 [4] -2.56 [10] -2.29 [4] -2.02 [3] -2.70 [2] -2.99 [0] -Mexico
Suggested break date 1982 Q1 1988 Q4 1982 Q1 1982 Q2 1982 Q2 1986 Q2
-Test statistic -3.43 [2] -3.79 [0] -4.19 [3] -2.84 [2] -2.43 [3] -2.82 [2] -Peru
Suggested break date 1992 Q2 1984 Q4 1991 Q1 1989 Q1 1984 Q1 1990 Q3
-Test statistic -1.92 [1] -0.90 [8] -1.94 [3] -3.45 [2] -1.83 [1] -1.80 [2] -Euro Area
Suggested break date 1984 Q2 1993 Q2 1991 Q2 1999 Q4 1990 Q2 2002 Q1
-Test statistic -2.27 [6] -2.64 [3] -2.11 [1] -2.86 [9] -2.18 [7] -3.34 [3] -Japan
Suggested break date 2001 Q3 1986 Q4 1995 Q3 2000 Q2 1982 Q1 1986 Q4
-Test statistic -1.73 [3] -1.70 [4] -2.88 [3] -1.67 [4] -2.86 [3] -3.93 [0] -US
Suggested break date 1981 Q4 1986 Q4 1988 Q4 2000 Q3 1995 Q2 1991 Q4 2000 Q3 Test statistic -2.34 [2] -3.04 [2] -2.72 [7] -2.28 [9] -2.21 [2] -2.90 [4] -2.33 [4]
Crit. value at 5% (1%) -3.03 (-3.55) -2.88 (-3.48) -3.03 (-3.55) -3.03 (-3.55) -3.03 (-3.55) -2.88 (-3.48) -3.03 (-3.55) Panel [B]. Differenced variables
∆y ∆sr ∆q ∆nfa ∆y* ∆sr* ∆oil
Argentina
Suggested break date 1991 Q3 1992 Q1 1988 Q3 1985 Q3 1991 Q2 1991 Q2
-Test statistic -2.19 [7] -2.96 [5] -3.04 [1] -2.50 [2] -3.37 [0] -1.54 [3] -Bolivia
Suggested break date 1984 Q1 1984 Q2 1983 Q1 2003 Q1 1994 Q2 1993 Q4
-Test statistic -3.42 [4] -2.94 [6] -3.60 [0] -2.59 [4] -2.06 [1] -1.76 [10] -Brazil
Suggested break date 1991 Q2 1989 Q2 1990 Q2 2003 Q1 2002 Q2 1988 Q4
-Test statistic -3.54 [0] -2.30 [1] -1.35 [4] -2.59 [4] -4.06 [7] -3.11 [7] -Chile
Suggested break date 1988 Q3 1991 Q1 1982 Q2 2002 Q4 2002 Q2 1982 Q3
-Test statistic -3.37 [0] -1.03 [10] -3.72 [2] -2.97 [10] -3.66 [7] -6.45 [4] -Mexico
Suggested break date 1987 Q1 1985 Q1 1982 Q1 1982 Q3 1983 Q1 1986 Q2
-Test statistic -4.12 [1] -4.26 [0] -4.30 [3] -5.75 [4] -5.79 [2] -2.68 [5] -Peru
Suggested break date 1989 Q2 1988 Q3 1990 Q2 1986 Q1 1985 Q3 1990 Q1
-Test statistic -2.47 [3] -1.80 [7] -1.80 [2] -2.39 [3] -6.05 [9] -2.72 [4] -Euro Area
Suggested break date 1984 Q3 1992 Q4 1988 Q4 1989 Q4 1990 Q2 1988 Q2
-Test statistic -3.89 [3] -1.70 [7] -3.38 [0] -2.80 [9] -2.75 [6] -3.18 [3] -Japan
Suggested break date 2002 Q2 1987 Q2 1995 Q3 2000 Q3 1990 Q2 1986 Q2
-Test statistic -2.50 [2] -2.41 [3] -1.57 [3] -1.93 [5] -3.49 [9] -3.11 [10] -US
Suggested break date 1981 Q3 1998 Q1 1988 Q3 1991 Q1 1995 Q1 1982 Q3 1986 Q3 Test statistic -3.18 [2] -2.29 [10] -2.36 [3] -3.23 [7] -1.64 [2] -4.88 [3] -2.34 [3]
Crit. value at 5% (1%) -2.88 (-3.48) -2.88 (-3.48) -2.88 (-3.48) -2.88 (-3.48) -2.88 (-3.48) -2.88 (-3.48) -2.88 (-3.48) Notes: the regressions for all variables in the levels include an intercept and a linear trend with the exception of interest rates whose underlying regression include only an intercept. For differenced variables the regressions do not include an intercept and a linear trend. The lag order, selected according to the AIC with a maximum lag order of 10, is reported in square brackets.
Table 4: Test statistics for selecting the lag order of the endogenous (domestic) variables in the VARX*(pi,qi) model
Order (pi) AIC SBC Adjusted LR test
4 750.1 629.1
3 760.7 659.8 χ2(16) = 8.0098[.949]
2 761.8 681.1 χ2(32) = 30.0748[.564]
1 757.3 696.7 χ2(48) = 60.3741[.108]
0 354.6 314.2 χ2(64) = 679.3204[.000]
Order (pi) AIC SBC Adjusted LR test
4 1108.0 987.0
3 1111.5 1010.7 χ2(16) = 18.4464[.298]
2 1118.8 1038.1 χ2(32) = 31.3951[.497]
1 1072.1 1011.5 χ2(48) = 124.1005[.000]
0 529.1 488.8 χ2(64) = 950.3084[.000]
Order (pi) AIC SBC Adjusted LR test
4 676.7 560.7
3 682.5 586.6 χ2(16) = 15.3189[.501]
2 690.2 614.6 χ2(32) = 27.6889[.685]
1 694.9 639.4 χ2(48) = 44.6904[.609]
0 241.1 205.8 χ2(64) = 749.4294[.000]
Order (pi) AIC SBC Adjusted LR test
4 970.4 854.4
3 970.2 874.3 χ2(16) = 24.3738[.082]
2 961.1 885.5 χ2(32) = 61.8960[.001]
1 942.6 887.1 χ2(48) = 113.7365[.000]
0 450.9 415.6 χ2(64) = 875.3154[.000]
Order (pi) AIC SBC Adjusted LR test
4 979.0 868.1
3 974.1 883.3 χ2(16) = 31.8997[.010]
2 973.4 902.8 χ2(32) = 57.2928[.004]
1 950.4 900.0 χ2(48) = 116.5151[.000]
0 552.1 521.9 χ2(64) = 747.0024[.000]
Order (pi) AIC SBC Adjusted LR test
4 814.2 693.1
3 820.8 720.0 χ2(25) = 13.8210[.612]
2 797.7 717.0 χ2(50) = 71.6619[.000]
1 800.5 740.0 χ2(75) = 91.1393[.000]
0 291.1 250.7 χ2(100) = 867.8986[.000]
Order (pi) AIC SBC Adjusted LR test
4 1423.5 1307.5
3 1423.4 1327.6 χ2(25) = 24.1098[.087]
2 1423.1 1347.5 χ2(50) = 48.5555[.031]
1 1408.5 1353.1 χ2(75) = 94.4301[.000]
0 846.9 811.6 χ2(100) = 960.8257[.000]
Order (pi) AIC SBC Adjusted LR test
4 1156.6 1040.6
3 1155.6 1059.8 χ2(25) = 25.5334[.061]
2 1164.0 1088.3 χ2(50) = 37.0023[.249]
1 1155.6 1100.1 χ2(75) = 73.5455[.010]
0 801.8 766.5 χ2(100) = 628.2555[.000]
Order (pi) AIC SBC Adjusted LR test
4 1359.1 1253.2
3 1361.7 1275.9 χ2(25) = 20.8059[.186]
2 1367.4 1301.9 χ2(50) = 36.5831[.264]
1 1305.6 1260.3 χ2(75) = 156.6580[.000]
0 797.0 771.8 χ2(100) = 966.4766[.000]
Japan
US
Notes: statistics in bold indicate the order selected by the relevant criterion/test. Unrestricted VARs are estimated with foreign variables treated as exogenous.
Table 5: Univariate speci…cation tests statistics
∆y ∆sr ∆q ∆nfa
Argentina
Serial Correlation F(4,83) 1.87 [0.123] 2.39 [0.057] 2.27 [0.069] 1.58 [0.187]
Normality χ2(2) 67.18 [0.000]** 1.36 [0.506] 2.00 [0.369] 17.08 [0.000]**
Heteroscedasticity F(1,93) 0.14 [0.709] 5.44 [0.022]* 4.47 [0.037]* 1.55 [0.217]
Bolivia
Serial Correlation F(4,82) 1.63 [0.174] 1.59 [0.184] 1.96 [0.108] 33.30 [0.000]**
Normality χ2(2) 0.00 [0.998] 0.64 [0.725] 0.88 [0.645] 2.02 [0.365]
Heteroscedasticity F(1,93) 5.36 [0.023]* 3.78 [0.055] 4.54 [0.036]* 2.63 [0.108]
Brazil
Serial Correlation F(4,84) 0.41 [0.803] 1.38 [0.247] 0.61 [0.654] 1.84 [0.129]
Normality χ2(2) 1.48 [0.476] 2.36 [0.308] 0.64 [0.725] 0.19 [0.911]
Heteroscedasticity F(1,93) 0.65 [0.423] 4.16 [0.044]* 4.51 [0.036]* 0.58 [0.450]
Chile
Serial Correlation F(4,83) 1.11 [0.357] 6.09 [0.000]** 3.60 [0.009]** 1.76 [0.145]
Normality χ2(2) 1.52 [0.468] 0.86 [0.652] 2.87 [0.238] 1.69 [0.430]
Heteroscedasticity F(1,93) 3.09 [0.082] 0.34 [0.559] 0.34 [0.559] 0.39 [0.535]
Mexico
Serial Correlation F(4,85) 4.45 [0.003]** 0.79 [0.537] 0.73 [0.575] 0.90 [0.469]
Normality χ2(2) 0.98 [0.612] 1.01 [0.605] 35.25 [0.000]** 0.19 [0.909]
Heteroscedasticity F(1,93) 2.06 [0.155] 0.19 [0.668] 0.20 [0.658] 3.68 [0.058]
Peru
Serial Correlation F(4,83) 0.75 [0.559] 1.16 [0.336] 0.42 [0.795] 1.67 [0.164]
Normality χ2(2) 0.75 [0.686] 1.25 [0.535] 2.22 [0.330] 1.14 [0.564]
Heteroscedasticity F(1,93) 1.16 [0.285] 1.95 [0.166] 0.25 [0.617] 0.79 [0.376]
Euro Area
Serial Correlation F(4,83) 1.02 [0.401] 2.08 [0.091] 3.14 [0.019]* 1.57 [0.190]
Normality χ2(2) 3.22 [0.199] 2.77 [0.250] 2.01 [0.367] 3.73 [0.155]
Heteroscedasticity F(1,93) 2.09 [0.152] 0.17 [0.681] 2.37 [0.127] 0.10 [0.753]
Japan
Serial Correlation F(4,84) 0.39 [0.812] 0.82 [0.514] 3.00 [0.023]* 1.28 [0.284]
Normality χ2(2) 0.49 [0.782] 0.39 [0.824] 0.46 [0.794] 0.03 [0.984]
Heteroscedasticity F(1,93) 7.12 [0.009]** 0.90 [0.345] 2.05 [0.155] 2.68 [0.105]
US
Serial Correlation F(4,83) 3.55 [0.010]* 1.77 [0.142] 2.56 [0.045]* 16.18 [0.000]**
Normality χ2(2) 5.96 [0.051] 1.37 [0.503] 1.96 [0.375] 0.65 [0.721]
Heteroscedasticity F(1,93) 1.26 [0.265] 0.29 [0.592] 10.30 [0.002]** 0.03 [0.867]
Notes: the figures in square brackets are probability values associated with test statistics.
The symbols "*" and "**" denote statistical significance at the 5 percent and the 1 percent respectively.
Table 6: Cointegration rank statistics
H0 H1 Argentina Bolivia Brazil 95% 90%
r = 0 r = 1 277.51 111.90 85.90 40.98 38.04
H0 H1 Argentina Bolivia Brazil 95% 90%
r = 0 r = 1 338.70 180.60 122.84 90.02 85.59
Notes: the last two columns report the critical values at the 95 percent and 90 percent significance level. Statistics in bold indicate acceptance of the null hypothesis at the 5 percent significance level.
Table 7: Average cross-section correlations of residuals
Argentina Bolivia Brazil Chile Mexico Peru Euro Area Japan US
0.02 0.02 0.00 -0.03 -0.02 0.00 -0.04 -0.02 0.01
[0.17] [0.22] [0.01] [-0.28] [-0.19] [-0.01] [-0.38] [-0.24] [0.07]
0.04 -0.02 0.01 0.00 0.03 0.00 0.01 0.03 0.00
[0.37] [-0.19] [0.13] [-0.02] [0.30] [-0.01] [0.12] [0.30] [0.04]
0.01 0.01 0.02 0.01 0.02 0.02 -0.01 -0.06 -0.03
[0.09] [0.13] [0.16] [0.14] [0.21] [0.19] [-0.10] [-0.53] [-0.34]
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
[0.13] [0.44] [0.31] [0.25] [-0.05] [-0.00] [-0.15] [0.13] [-0.05]
Notes: each entry is the average correlation of the residual of the equation on the corresponding row for the country/region on the corresponding column with all other countries/regions endogenous variables residuals.
Two-tailed t-test statistics with 93 d.f.are in square brackets. The null hypothesis is no correlation. The 5 percent critical value is 1.98.
q nfa
y sr
Table 8: F statistics for testing the weak exogeneity of the country-speci…c foreign variables and oil prices Country
y* sr* oil
Argentina F(1,85) 0.58 [0.450] 1.11 [0.296] 0.08 [0.772]
Bolivia F(2,84) 0.49 [0.613] 0.04 [0.965] 2.79 [0.067]
Brazil F(1,85) 0.16 [0.693] 1.92 [0.170] 0.25 [0.618]
Chile F(2,84) 1.47 [0.237] 2.20 [0.117] 0.09 [0.911]
Mexico F(1,85) 6.47 [0.013]* 0.14 [0.706] 0.39 [0.534]
Peru F(1,85) 0.07 [0.799] 16.44 [0.000]** 0.43 [0.512]
Euro Area F(2,84) 1.07 [0.349] 0.40 [0.669] 5.36 [0.006]**
Japan F(1,85) 0.05 [0.822] 3.78 [0.055] 0.66 [0.420]
US F(4,82) 3.13 [0.019]* 0.91 [0.464] 2.39 [0.058]
Foreign variables and oil prices
Notes: the figures in square brackets are probability values associated with test statistics. The symbols "*" and "**" denote statistical significance at the 5 percent and the 1 percent respectively.
Table 9: Generalized variance decomposition of the forecast error of output
y sr rer nfa US EA JAP
0 62.76 2.10 0.01 0.60 20.48 6.38 3.90 3.76 65.47 34.53
4 60.97 5.13 0.03 0.43 20.93 5.53 3.14 3.84 66.56 33.44
8 61.29 5.32 0.03 0.39 20.93 5.30 3.03 3.70 67.04 32.96
12 61.55 5.40 0.03 0.37 20.94 5.13 2.99 3.60 67.34 32.66
20 61.83 5.46 0.03 0.33 20.97 4.92 2.96 3.49 67.66 32.34
40 61.98 5.52 0.03 0.29 21.06 4.75 2.93 3.42 67.83 32.17
0 69.16 6.44 0.68 0.33 19.73 0.80 0.98 1.89 76.61 23.39
4 53.71 22.71 1.81 0.06 15.48 1.69 2.19 2.35 78.30 21.70
8 41.11 30.35 5.76 0.02 15.56 1.83 3.21 2.17 77.23 22.77
12 33.42 32.58 10.33 0.01 16.18 1.74 3.85 1.90 76.34 23.66
20 24.34 29.79 20.55 0.09 17.51 1.80 4.30 1.61 74.77 25.23
40 12.00 14.31 42.63 1.22 19.79 4.32 2.92 2.83 70.15 29.86
0 75.54 0.26 0.65 5.24 9.05 3.55 0.74 4.96 81.69 18.31
4 76.18 0.25 1.35 4.46 9.58 3.54 0.67 3.98 82.23 17.77
8 75.99 0.15 2.18 3.78 10.19 3.56 0.77 3.38 82.10 17.90
12 75.48 0.12 2.97 3.26 10.71 3.59 0.91 2.96 81.83 18.17
20 74.28 0.15 4.28 2.56 11.49 3.66 1.16 2.42 81.27 18.73
40 72.19 0.28 6.13 1.75 12.52 3.74 1.57 1.81 80.35 19.65
0 56.83 4.51 0.34 0.20 24.54 8.53 1.70 3.36 61.87 38.13
4 55.98 5.36 1.34 0.32 24.07 8.02 1.07 3.83 63.00 37.00
8 49.69 3.52 7.78 2.34 24.94 7.01 0.93 3.79 63.33 36.67
12 39.10 2.43 17.25 5.78 24.79 5.90 1.37 3.38 64.56 35.44
20 20.17 3.50 32.08 11.71 22.74 4.52 2.91 2.36 67.47 32.53
40 4.80 7.47 41.46 16.12 19.78 4.17 4.93 1.28 69.85 30.15
0 69.31 0.06 1.00 1.09 15.83 8.50 2.14 2.07 71.46 28.54
4 54.31 6.79 6.26 3.41 14.00 9.70 3.40 2.12 70.77 29.23
8 40.27 15.99 11.48 5.57 12.35 8.04 3.79 2.51 73.31 26.69
12 30.34 23.18 15.01 6.95 11.28 6.48 3.85 2.91 75.48 24.52
20 19.47 31.74 18.63 8.28 10.22 4.58 3.66 3.42 78.13 21.87
40 11.00 39.49 21.21 9.17 9.36 2.98 3.13 3.67 80.87 19.13
0 58.42 4.21 0.03 18.06 13.29 2.40 1.67 1.91 80.72 19.28
4 55.27 1.87 0.36 20.83 14.45 4.30 1.01 1.91 78.33 21.67
8 45.75 3.84 1.39 20.33 20.21 5.45 1.14 1.88 71.31 28.69
12 35.71 7.66 2.54 18.33 26.73 5.54 1.60 1.89 64.24 35.76
20 22.36 14.12 4.25 14.69 35.52 4.61 2.57 1.88 55.41 44.59
40 10.92 20.55 6.26 11.29 41.88 3.84 3.55 1.71 49.01 50.99
Notes: share of the k-step ahead forecast error variance of domestic output explained by the shocks on the corresponding column.
Entries have been normalized so that they sum to 100. Each entry in columns "All domestic factors" and "All foreign factors" are the sum of the corresponding percentages in columns 2, 3, 4, 5 and in columns 6, 7, 8, 9, respectively.
Bolivia