An Intertemporal Benchmark Model for Turkey’s Current Account

Cointegrating Eq:

CointEql

(У, ^- it ^- gt )

1.000

ct

0.92885
(0.01174)
[79.1312]

============================

Error Correction:

^δ(y_t ^-it ^- gt)

=======================

^δ ct

CointEql

-2.389532

-0.981355

(0.54524)

(0.30161)

[-4.38250]

[-3.25376]

^δ(^y_t-1 ^- it-1 ^{- g}t-1 )

1.020788

0.373852

(0.48236)

(0.26682)

[2.11625]

[1.40114]

^δ(^yt-2 ^- it-2 ^{- g}t-2 )

-0.015802

-0.013759

(0.50947)

(0.28182)

[-0.03102]

[-0.04882]

^δ ct-1

-1.470476

-0.649994

(0.79101)

(0.43756)

[-1.85897]

[-1.48551]

^δ ct-2

-0.065547

-0.075175

(0.86049)

(0.47599)

[-0.07617]

[-0.15793]

R-squared

0.587589

0.507467

Adjusted R-squared

0.550097

0.462692

Sum square residuals

8.41E+08

2.57E+08

S.E. equation

4372.412

2418.637

F-statistic

15.67242

11.33354

============================

Determinant Residual Covariance

=======================

9.98E+12

Log Likelihood

-872.3769

Akaike Information Criteria

36.09702

Schwarz Criteria

36.56032