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Mondiale.
BOURBONNAIS, R. 2015, Économétrie: manuel et
exercices corrigés, 9e éd., Paris. 45, 46, 47,
48
BRANA, S. et M. CASAL. 1997, La monnaie, 1re
éd., Paris. 23
BRAND, C. et N. CASSOLA. 2000, «A money demand system for
euro area m3», applied
economics, , no 36-8, 817-838.
DANIEL, S. 2009, Économie monétaire
etfinancière, 1re éd., Bruxelles. 24, 25 DE
BOISSIEU, C. 1975, «La vitesse de circulation de la monnaie»,
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DELAPLACE, M. 2009, Monnaie etfinancement de
l'économie, 3e éd., Paris. 25, 27
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monnaie», Journal de la société statistique de Paris.
Tome 36. 16
HARRIBEY, J.-M. 2001, «La monnaie»,
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23
KWESELE, C. 2013, La stabilisation monétaire en RDC :
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institutionnels contracycliques, thèse de doctorat,
Université de Lubumbashi - FSEG, Lubumbashi. 25, 29, 32
MANKIW, G. 2013, Macroéconomie, 9e
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MOKRANI, A. 2017, «La volatilité de la politique
monétaire et la croissance économique le cas
algérien-approche économétrique», bootstrap.
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MOUNKALA, E. U. 2012, «Dynamique de la vitesse de
circulation de la monnaie dans la cemac», BEAC working paper - BWP,
vol. 15, no 6. Études et recherche. 11, 18
MUHAMMAD, O. 2010, «Velocity of money functions in pakistan
and lessons for monetary policy», SBP Research Bulletin, vol. 6,
no 2. 14
RABIOU, A. 2003, «Degré de monétarisation
de l'économie et comportement de la vitesse de circulation de la monnaie
au niger : essai d'une analyse théorique et empirique», Notes
d'information et statistiques, , no 542. Études et
recherche. 7, 12
SILEM, A. et J. M. ALBERTINI. 2015, Lexique
d'économie, 13e éd.. 23, 27
WANG, W. et S. SHOUYONG. 2001, «The vavriability of velovity
of money in a search model», Indiana University, , no
47 405.
58
Annexes
59
Annexe A
Tableaux
TABLEAU A.1 - Test de racine unitaire : vitesse-revenu à
niveau
Null Hypothesis : VRQ has a unit root Exogenous: Constant Lag
Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
-4.162285
|
0.0010
|
|
1 % level
|
-3.465585
|
|
|
Test critical values: 5 % level
|
-2.876927
|
|
|
10 % level
|
-2.575051
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: D(VRQ)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :00
|
|
|
|
Sample (adjusted): 1970Q3 2016Q4
|
|
|
|
Included observations: 186 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
VRQ(-1) -0.0861712 0.020833
|
-4.162285
|
0.0000
|
|
D(VRQ(-1)) 0.541941 0.062123
|
8.723634
|
0.0000
|
|
C 0.187162 0.050005
|
3.742848
|
0.0002
|
|
R-squared 0.313582 Mean dependent var
|
|
-0.002886
|
|
Adjusted R-squared 0.306080 S.D. dependent var
|
|
0.344136
|
|
S.E. of regression 0.286672 Akaike info criterion
|
|
0.355041
|
|
Sum squared resid 15.03908 Schwarz criterion
|
|
0.407069
|
|
Log likelihood -30.01877 Hannan-Quinn criter.
|
|
0.376124
|
|
F-statistic 41.80076 Durbin-Watson stat
|
|
2.162183
|
|
Prob(F-statistic) 0.000000
|
|
|
60
TABLEAU A.2 - Test de racine unitaire: Masse monétaire
à niveau
Null Hypothesis : MMQ has a unit root Exogenous: Constant Lag
Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
-0.531966
|
0.8809
|
|
1 % level
|
-3.465585
|
|
|
Test critical values: 5 % level
|
-2.876927
|
|
|
10 % level
|
-2.575051
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: D(MMQ)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :56
|
|
|
|
Sample (adjusted): 1970Q4 2016Q4
|
|
|
|
Included observations: 186 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
MMQ(-1)) -0.000885 0.001665
|
-0.531966
|
0.5954
|
|
D(MMQ(-1)) 0.628542 0.057437
|
10.94316
|
0.0000
|
|
C 0.083451 0.032696
|
2.552294
|
0.0115
|
|
R-squared 0.395907 Mean dependent var
|
|
0.197130
|
|
Adjusted R-squared 0.389305 S.D. dependent var
|
|
0.197130
|
|
S.E. of regression 0.332307 Akaike info criterion
|
|
0.650484
|
|
Sum squared resid 20.20835 Schwarz criterion
|
|
0.702513
|
|
Log likelihood -57.49505 Hannan-Quinn criter.
|
|
0.671568
|
|
F-statistic 59.96667 Durbin-Watson stat
|
|
2.167501
|
|
Prob(F-statistic) 59.96667
|
|
0.000000
|
61
TABLEAU A.3 - Test de racine unitaire : Masse monétaire
à la différence première
Null Hypothesis : D(MMQ) has a unit root Exogenous: Constant Lag
Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
-5.106487
|
0.0000
|
|
1 % level
|
-3.465780
|
|
|
Test critical values: 5 % level
|
-2.877012
|
|
|
10 % level
|
-2.575097
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: D(MMQ,2)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :18
|
|
|
|
Sample (adjusted): 1970Q4 2016Q4
|
|
|
|
Included observations: 185 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
D(MMQ(-1)) -0.323478 0.063347
|
-5.106487
|
0.0000
|
|
D(MMQ(-1),2) -0.131048 0.073456
|
-1.784033
|
0.0761
|
|
C 0.064393 0.027339
|
2.355381
|
0.0196
|
|
R-squared 0.200227 Mean dependent var
|
|
0.000355
|
|
Adjusted R-squared 0.191438 S.D. dependent var
|
|
0.367616
|
|
S.E. of regression 0.330561 Akaike info criterion
|
|
0.640032
|
|
Sum squared resid 19.88724 Schwarz criterion
|
|
0.692254
|
|
Log likelihood -56.20294 Hannan-Quinn criter.
|
|
0.661196
|
|
F-statistic 22.78229 Durbin-Watson stat
|
|
1.986190
|
|
Prob(F-statistic) 0.000000
|
|
|
62
TABLEAU A.4 - Test de racine unitaire : PIB réel (R)
à niveau
Null Hypothesis : RQ has a unit root Exogenous: None
Lag Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
0.362075
|
0.7882
|
|
1 % level
|
-2.577454
|
|
|
Test critical values: 5 % level
|
-1.942545
|
|
|
10 % level
|
-1.615565
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: D(RQ)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :28
|
|
|
|
Sample (adjusted): 1970Q3 2016Q4
|
|
|
|
Included observations: 186 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
RQ(-1) 7.10E-06 1.96E-05
|
0.362075
|
0.7177
|
|
D(RQ(-1)) 0.848151 0.038217
|
22.19302
|
0.0000
|
|
R-squared 0.728096 Mean dependent var
|
|
0.002237
|
|
Adjusted R-squared 0.726618 S.D. dependent var
|
|
0.014945
|
|
S.E. of regression 0.007814 Akaike info criterion
|
|
-6.855099
|
|
Sum squared resid 0.011235 Schwarz criterion
|
|
-6.820413
|
|
Log likelihood 639.5242 Hannan-Quinn criter.
|
|
-6.841043
|
|
Durbin-Watson stat 2.326732
|
|
|
63
TABLEAU A.5 - Test de racine unitaire: PIB réel (R) en
différence première
Null Hypothesis : D(RQ) has a unit root Exogenous: None
Lag Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
-3.193623
|
0.0015
|
|
1 % level
|
-2.577522
|
|
|
Test critical values: 5 % level
|
-1.942555
|
|
|
10 % level
|
-1.615559
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: D(RQ,2)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :29
|
|
|
|
Sample (adjusted): 1970Q4 2016Q4
|
|
|
|
Included observations: 185 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
D(RQ(-1)) -0.123571 0.038693
|
-3.193623
|
0.0017
|
|
D(RQ(-1),2) -0.191645 0.072014
|
-2.661229
|
0.0085
|
|
R-squared 0.111892 Mean dependent var
|
|
-0.000129
|
|
Adjusted R-squared 0.107039 S.D. dependent var
|
|
0.008139
|
|
S.E. of regression 0.007691 Akaike info criterion
|
|
-6.886854
|
|
Sum squared resid 0.010824 Schwarz criterion
|
|
-6.852040
|
|
Log likelihood 639.0340 Hannan-Quinn criter.
|
|
-6.872745
|
|
Durbin-Watson stat 1.988238
|
|
|
64
TABLEAU A.6 - Test de racine unitaire : taux de change à
niveau
Null Hypothesis : TCQ has a unit root Exogenous: Constant Lag
Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
-0.683945
|
0.8469
|
|
1 % level
|
-3.465585
|
|
|
Test critical values: 5 % level
|
-2.876927
|
|
|
10 % level
|
-2.575051
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: : D(TCQ)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :43
|
|
|
|
Sample (adjusted): 1970Q3 2016Q4
|
|
|
|
Included observations: 186 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
TCQ(-1) -0.000617 0.000902
|
-0.683945
|
0.4949
|
|
D(TCQ(-1)) 0.828125 0.041257
|
20.07236
|
0.0000
|
|
C 0.026457 0.017229
|
1.535576
|
0.1264
|
|
R-squared 0.688016 Mean dependent var
|
|
0.184848
|
|
Adjusted R-squared 0.684606 S.D. dependent var
|
|
0.313846
|
|
S.E. of regression 0.176256 Akaike info criterion
|
|
-0.617764
|
|
Sum squared resid 5.685092 Schwarz criterion
|
|
-0.565736
|
|
Log likelihood 60.45208 Hannan-Quinn criter.
|
|
-0.596680
|
|
F-statistic 201.7839 Durbin-Watson stat
|
|
2.340580
|
|
Prob(F-statistic) 0.000000
|
|
|
65
TABLEAU A.7 - Test de racine unitaire: taux de change à
la différence première
Null Hypothesis : D(TCQ) has a unit root Exogenous: Constant Lag
Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
-3.240422
|
0.0193
|
|
1 % level
|
-3.465780
|
|
|
Test critical values: 5 % level
|
-2.877012
|
|
|
10 % level
|
-2.575097
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: : D(TCQ,2)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :45
|
|
|
|
Sample (adjusted): 1970Q4 2016Q4
|
|
|
|
Included observations: 185 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
D(TCQ(-1)) -0.137516 0.042438
|
-3.240422
|
0.0014
|
|
D(TCQ(-1),2) -0.202413 0.072527
|
-2.790859
|
0.0058
|
|
C 0.026219 0.014963
|
1.752241
|
0.0814
|
|
R-squared 0.123913 Mean dependent var
|
|
0.000639
|
|
Adjusted R-squared 0.114286 S.D. dependent var
|
|
0.184120
|
|
S.E. of regression 0.173280 Akaike info criterion
|
|
-0.651736
|
|
Sum squared resid 5.464707 Schwarz criterion
|
|
-0.599514
|
|
Log likelihood 63.28556 Hannan-Quinn criter.
|
|
-0.630572
|
|
F-statistic 12.87097 Durbin-Watson stat
|
|
1.996948
|
|
Prob(F-statistic) 0.000006
|
|
|
66
TABLEAU A.8 - Test de racine unitaire: taux d'inflation
à niveau
Null Hypothesis : TIQ has a unit root Exogenous: None
Lag Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
-0.957253
|
0.3013
|
|
1 % level
|
-2.577454
|
|
|
Test critical values: 5 % level
|
-1.942545
|
|
|
10 % level
|
-1.615565
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: : D(TIQ)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :49
|
|
|
|
Sample (adjusted): 1970Q3 2016Q4
|
|
|
|
Included observations: 186 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
TIQ(-1) -0.006362 0.006646
|
-0.957253
|
0.3397
|
|
D(TIQ(-1)) 0.523261 0.064248
|
8.144369
|
0.0000
|
|
R-squared 0.264965 Mean dependent var
|
|
0.013664
|
|
Adjusted R-squared 0.260970 S.D. dependent var
|
|
0.463023
|
|
S.E. of regression 0.398046 Akaike info criterion
|
|
1.006197
|
|
Sum squared resid 29.15311 Schwarz criterion
|
|
1.040883
|
|
Log likelihood -91.57636 Hannan-Quinn criter.
|
|
1.020253
|
|
Durbin-Watson stat 2.050415
|
|
|
67
TABLEAU A.9 - Test de racine unitaire: taux d'inflation
à la différence première
Null Hypothesis : D(TIQ) has a unit root Exogenous: None
Lag Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
-6.037826
|
0.0000
|
|
1 % level
|
-2.577522
|
|
|
Test critical values: 5 % level
|
-1.942555
|
|
|
10 % level
|
-1.615559
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: : D(TIQ,2)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :51
|
|
|
|
Sample (adjusted): 1970Q4 2016Q4
|
|
|
|
Included observations: 185 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
D(TIQ(-1)) -0.452237 0.074901
|
-6.037826
|
0.0000
|
|
D(TIQ(-1),2) -0.056876 0.075142
|
-0.756913
|
0.4501
|
|
R-squared 0.235057 Mean dependent var
|
|
0.007468
|
|
Adjusted R-squared 0.230877 S.D. dependent var
|
|
0.455487
|
|
S.E. of regression 0.399460 Akaike info criterion
|
|
1.013347
|
|
Sum squared resid 29.20104 Schwarz criterion
|
|
1.048162
|
|
Log likelihood -91.73461 Hannan-Quinn criter.
|
|
1.027457
|
|
Durbin-Watson stat 1.972774
|
|
|
TABLEAU A.10 - Test de racine unitaire: taux directeur à
niveau
Null Hypothesis : TDQ has a unit root Exogenous: Constant Lag
Length: 1 (Fixed)
|
t-Statistic
|
Prob.*
|
|
Augmented test statistic
Dickey-Fuller
|
-4.055412
|
0.0015
|
|
1 % level
|
-3.465585
|
|
|
Test critical values: 5 % level
|
-2.876927
|
|
|
10 % level
|
-2.575051
|
|
|
*MacKinnon (1996) one-sided p-values.
|
|
|
|
Augmented Dickey-Fuller Test Equation
|
|
|
|
Dependent Variable: : D(TDQ)
|
|
|
|
Method: Least Squares
|
|
|
|
Date: 06/21/18 Time: 11 :54
|
|
|
|
Sample (adjusted): 1970Q3 2016Q4
|
|
|
|
Included observations: 186 after adjustments
|
|
|
|
Variable Coefficient Std. Error
|
t-Statistic
|
Prob.
|
|
TDQ(-1) -0.089495 0.022068
|
-4.055412
|
0.0001
|
|
D(TDQ(-1)) 0.500055 0.063989
|
7.814703
|
0.0000
|
|
C 0.034819 0.013662
|
2.548622
|
0.0116
|
|
R-squared 0.272828 Mean dependent var
|
|
0.000321
|
|
Adjusted R-squared 0.264880 S.D. dependent var
|
|
0.169759
|
|
S.E. of regression 0.145550 Akaike info criterion
|
|
-1.000602
|
|
Sum squared resid 3.876798 Schwarz criterion
|
|
-0.948574
|
|
Log likelihood 96.05597 Hannan-Quinn criter.
|
|
-0.979518
|
|
F-statistic 34.32986 Durbin-Watson stat
|
|
2.119017
|
|
Prob(F-statistic) 0.000000
|
|
|
TABLEAU A.11 - Estimation du modèle VAR
Vector Autoregression Estimates
Date: 06/21/18 Time: 12 :32
Sample (adjusted): 1971Q3 2016Q4
Included observations: 182 after adjustments
Standard errors in ( ) & t-statistics in []
Response of VRS :
VRS TIS TDS TCS RS MMS
0.532034 -0.171479 0.049997 -0.010239 -3.86E-05 0.062856
VRS(-1) (0.13027) (0.17055) (0.05357) (0.07481) (0.00448)
(0.12995)
68
69
TABLEAU A.11 - Estimation du modèle VAR ( suite )
Vector Autoregression Estimates
Date : 06/21/18 Time : 12 :32
Sample (adjusted) : 1971Q3 2016Q4
Included observations : 182 after adjustments
Standard errors in ( ) & t-statistics in []
Response of VRS :
VRS TIS TDS TCS RS MMS
[4.08409] [-1.00545] [0.93332] [-0.13686] [-0.00862]
[0.48370]
0.159807 0.047534 0.040728 0.020227 -0.000284 -0.027570
VRS(-2) (0.12632) (0.16538) (0.05195) (0.07254) (0.00435)
(0.12601)
[1.26508] [0.28742] [0.78406] [0.27882] [-0.06544]
[-0.21879]
0.057585 -0.009957 0.024338 -0.004453 0.001644 -0.031735
VRS(-3) (0.12727) (0.16662) (0.05234) (0.07309) (0.00438)
(0.12696)
[0.45246] [-0.05976] [0.46503] [-0.06093] [0.37543]
[-0.24997]
-0.641928 -0.260192 0.114303 0.102374 -0.008382 -0.032932
VRS(-4) (0.12280) (0.16077) (0.05050) (0.07052) (0.00422)
(0.12250)
[-5.22743] [-1.61841] [2.26356] [1.45171] [-1.98420]
[-0.26884]
0.143533 0.082812 0.006511 -0.082595 0.006763 0.163073
VRS(-5) (0.13533) (0.17717) (0.05565) (0.07771) (0.00466)
(0.13499)
[1.06065] [0.46742] [0.11701] [-1.06283] [1.45275]
[1.20802]
-0.050368 0.607209 0.035479 -0.043516 0.001244 -0.088199
TIS(-1) (0.06513) (0.08526) (0.02678) (0.03740) (0.00224)
(0.06496)
[-0.77340] [7.12169] [1.32482] [-1.16356] [0.55511]
[-1.35766]
-0.023425 0.073617 -0.004137 0.002987 -0.000279 0.016482
TIS(-2) (0.05940) (0.07777) (0.02443) (0.03411) (0.00204)
(0.05926)
[-0.39434] [0.94659] [-0.16934] [0.08755] [-0.13633]
[0.27814]
-0.013269 0.035696 -0.000527 0.007329 -0.000681 0.017811
TIS(-3) (0.05960) (0.07803) (0.02451) (0.03423) (0.00205)
(0.05946)
[-0.22263] [0.45745] [-0.02149] [0.21413] [-0.33196]
[0.29957]
0.275297 -0.794715 -0.188177 -0.078580 0.001070 -0.180932
TIS(-4) (0.05841) (0.07647) (0.02402) (0.03354) (0.00201)
(0.05826)
70
TABLEAU A.11 - Estimation du modèle VAR ( suite )
Vector Autoregression Estimates
Date : 06/21/18 Time : 12 :32
Sample (adjusted) : 1971Q3 2016Q4
Included observations : 182 after adjustments
Standard errors in ( ) & t-statistics in []
Response of VRS :
VRS TIS TDS TCS RS MMS
[4.71335] [-10.3928] [-7.83480] [-2.34277] [0.53274]
[-3.10539]
-0.176173 0.487839 0.122383 0.036239 -0.001432 0.037813
TIS(-5) (0.06544) (0.08567) (0.02691) (0.03758) (0.00225)
(0.06528)
[-2.69211] [5.69407] [4.54788] [0.96431] [-0.63593] [0.57925]
0.070744 0.090125 1.378454 0.042872 -0.010116 0.093556 TDS(-1) (0.19492)
(0.25519) (0.08015) (0.11194) (0.00671) (0.19444) [0.36294] [0.35316] [17.1975]
[0.38300] [-1.50858] [0.48115] 0.153073 -0.169030 -0.346249 -0.097003 0.010048
-0.281230 TDS(-2) (0.30233) (0.39581) (0.12432) (0.17362) (0.01040) (0.30158)
[0.50631] [-0.42705] [-2.78510] [-0.55872] [0.96607] [-0.93251] -0.099541
-0.073437 -0.042574 -0.016650 0.004297 0.017091 TDS(-3) (0.29177) (0.38199)
(0.11998) (0.16755) (0.01004) (0.29105) [-0.34116] [-0.19225] [-0.35485]
[-0.09937] [0.42808] [0.05872] -0.328432 0.647871 -0.295527 0.214564 -0.014765
0.639578 TDS(-4) (0.28865) (0.37790) (0.11870) (0.16576) (0.00993) (0.28794)
[-1.13782] [1.71439] [-2.48978] [1.29442] [-1.48690] [2.22124] 0.255781
-0.655783 0.195081 -0.218066 0.011479 -0.585533 TDS(-5) (0.16645) (0.21792)
(0.06845) (0.09559) (0.00573) (0.16604) [1.53669] [-3.00934] [2.85015]
[-2.28137] [2.00476] [-3.52649] 0.040028 0.264619 -0.070120 0.832346 -0.001923
0.227332
TCS(-1) (0.19797) (0.25919) (0.08141) (0.11369) (0.00681)
(0.19748)
[0.20219] [1.02096] [-0.86133] [7.32127] [-0.28242]
[1.15114]
0.073250 0.056554 -0.020143 0.121491 -0.001157 -0.024435
TCS(-2) (0.18903) (0.24748) (0.07773) (0.10855) (0.00650) (0.18857)
71
TABLEAU A.11 - Estimation du modèle VAR ( suite )
Vector Autoregression Estimates
Date : 06/21/18 Time : 12 :32
Sample (adjusted) : 1971Q3 2016Q4
Included observations : 182 after adjustments
Standard errors in ( ) & t-statistics in []
Response of VRS :
VRS TIS TDS TCS RS MMS
[0.38750] [0.22852] [-0.25913] [1.11917] [-0.17790]
[-0.12958]
0.011396 0.001179 -0.022012 0.031689 -0.000733 0.000355
TCS(-3) (0.19068) (0.24964) (0.07841) (0.10950) (0.00656)
(0.19021)
[0.05976] [0.00472] [-0.28073] [0.28940] [-0.11170]
[0.00187]
0.433742 0.051347 0.184760 -0.605463 0.028084 -0.580658
TCS(-4) (0.18800) (0.24614) (0.07731) (0.10796) (0.00647)
(0.18754)
[2.30708] [0.20861] [2.38986] [-5.60800] [4.34232]
[-3.09617]
-0.397246 -0.145052 -0.100068 0.503900 -0.019760 0.648394
TCS(-5) (0.17332) (0.22691) (0.07127) (0.09953) (0.00596)
(0.17289)
[-2.29202] [-0.63926] [-1.40407] [5.06283] [-3.31409]
[3.75035]
0.168359 -0.044928 -0.204881 -0.771692 0.782623 -1.646682
RS(-1) (2.23908) (2.93142) (0.92074) (1.28582) (0.07703)
(2.23356)
[0.07519] [-0.01533] [-0.22252] [-0.60016] [10.1603]
[-0.73725]
-1.054712 -1.599954 -0.269126 -0.558664 0.185131 0.380712
RS(-2) (2.59766) (3.40087) (1.06819) (1.49174) (0.08936)
(2.59125)
[-0.40602] [-0.47045] [-0.25195] [-0.37451] [2.07167]
[0.14692]
-0.538749 0.100362 -0.197574 0.055526 0.029284 0.593529
RS(-3) (2.63489) (3.44960) (1.08350) (1.51312) (0.09064)
(2.62838)
[-0.20447] [0.02909] [-0.18235] [0.03670] [0.32307]
[0.22582]
-0.440257 -9.768578 -0.373935 -9.317437 -0.379220 -5.158538
RS(-4) (2.58247) (3.38097) (1.06194) (1.48301) (0.08884)
(2.57609)
[-0.17048] [-2.88928] [-0.35212] [-6.28278] [-4.26856]
[-2.00247]
0.079174 8.098247 0.766023 7.213793 0.299448 3.724802
RS(-5) (2.35853) (3.08779) (0.96985) (1.35441) (0.08114)
(2.35271)
72
TABLEAU A.11 - Estimation du modèle VAR ( suite)
Vector Autoregression Estimates
Date: 06/21/18 Time: 12 :32
Sample (adjusted): 1971Q3 2016Q4
Included observations: 182 after adjustments
Standard errors in ( ) & t-statistics in []
Response of VRS :
VRS TIS TDS TCS RS MMS
[0.03357] [2.62267] [0.78983] [5.32614] [3.69067] [1.58320]
-0.152664 -0.257331 0.112412 -0.011043 0.000135 0.722548
MMS(-1) (0.15143) (0.19826) (0.06227) (0.08696) (0.00521)
(0.15106) [-1.00813] [-1.29797] [1.80519] [-0.12698] [0.02593] [4.78320]
-0.013672 0.013943 0.027981 0.001374 0.000547 0.099423
MMS(-2) (0.13904) (0.18203) (0.05718) (0.07985) (0.00478)
(0.13870) [-0.09833] [0.07660] [0.48938] [0.01721] [0.11437] [0.71683]
-0.005144 0.010646 0.020457 0.002769 0.000669 0.030723
MMS(-3) (0.14001) (0.18330) (0.05757) (0.08040) (0.00482)
(0.13966) [-0.03674] [0.05808] [0.35534] [0.03444] [0.13894] [0.21998]
-0.040148 -0.083835 -0.148420 0.010388 -0.014989 -0.613733
MMS(-4) (0.13861) (0.18147) (0.05700) (0.07960) (0.00477)
(0.13827) [-0.28964] [-0.46197] [-2.60388] [0.13050] [-3.14334] [-4.43861]
-0.112101 -0.013417 0.165022 -0.006441 0.009607 0.474086
MMS(-5) (0.14683) (0.19223) (0.06038) (0.08432) (0.00505)
(0.14646) [-0.76349] [-0.06980] [2.73320] [-0.07639] [1.90202] [3.23688]
0.016093 0.102065 0.014420 0.059564 -0.000364 0.057676
C (0.02918) (0.03820) (0.01200) (0.01676) (0.00100) (0.02911)
[0.55154] [2.67180] [1.20180] [3.55472] [-0.36241] [1.98154]
73
TABLEAU A.12 - Test de causalité au sens de
Granger
|
Date: 06/21/18 Time: 12 :56 Sample: 1970Q1 2016Q4 Lags: 5
|
|
|
|
|
Null Hypothesis:
|
Obs
|
F-Statistic
|
Prob.
|
|
TIS does not Granger Cause VRS
VRS does not Granger Cause
TIS
|
182
|
13.5742
6.73859
|
4.E-11
9.E-06
|
|
TDS does not Granger Cause VRS
VRS does not Granger Cause
TDS
|
182
|
1.38467
6.33991
|
0.2323
2.E-05
|
|
TCS does not Granger Cause VRS
VRS does not Granger Cause
TCS
|
182
|
9.86178
0.60493
|
3.E-08
0.6962
|
|
RS does not Granger Cause VRS
VRS does not Granger Cause
RS
|
182
|
0.31041
0.02932
|
0.9062
0.9996
|
|
MMS does not Granger Cause VRS
VRS does not Granger Cause
MMS
|
182
|
7.59835
8.16178
|
2.E-06
6.E-07
|
|
TDS does not Granger Cause TIS
TIS does not Granger Cause
TDS
|
182
|
7.36370
18.5546
|
3.E-06
1.E-14
|
|
TCS does not Granger Cause TIS
TIS does not Granger Cause
TCS
|
182
|
2.83335
0.96355
|
0.0174
0.4417
|
|
RS does not Granger Cause TIS
TIS does not Granger Cause
RS
|
182
|
2.47835
0.19519
|
0.0339
0.9640
|
|
MMS does not Granger Cause TIS
TIS does not Granger Cause
MMS
|
182
|
4.10952
4.48305
|
0.0015
0.0007
|
|
TCS does not Granger Cause TDS
TDS does not Granger Cause
TCS
|
182
|
7.68334
0.93976
|
2.E-06
0.4567
|
|
RS does not Granger Cause TDS
TDS does not Granger Cause
RS
|
182
|
1.30571
0.95560
|
0.2638
0.4467
|
|
MMS does not Granger Cause TDS
TDS does not Granger Cause
MMS
|
182
|
14.3715
1.60435
|
1.E-11
0.1614
|
|
RS does not Granger Cause TCS
TCS does not Granger Cause
RS
|
182
|
13.6151
1.13632
|
3.E-11
0.3431
|
|
MMS does not Granger Cause TCS
TCS does not Granger Cause
MMS
|
182
|
0.95852
7.20017
|
0.4449
4.E-06
|
|
MMS does not Granger Cause RS
RS does not Granger Cause
MMS
|
182
|
0.15433
1.29454
|
0.9785
0.2685
|
74
TABLEAU A.13 - Décomposition de la variance des
variables de l'étude : VR
|
Period
|
S.E.
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
0.206278
|
100.0000
|
0.000000
|
0.000000
|
0.000000
|
0.000000
|
0.000000
|
|
2
|
0.243863
|
98.63392
|
0.947975
|
0.020141
|
0.096704
|
0.008442
|
0.292816
|
|
3
|
0.269191
|
97.29051
|
1.431894
|
0.450792
|
0.132147
|
0.102586
|
0.592076
|
|
4
|
0.288563
|
95.78391
|
1.708878
|
1.232462
|
0.176985
|
0.288177
|
0.809592
|
|
5
|
0.303259
|
87.86390
|
7.846321
|
1.396197
|
1.173943
|
0.682249
|
1.037393
|
|
6
|
0.309351
|
85.02262
|
9.711541
|
1.438265
|
1.421213
|
1.107079
|
1.299282
|
|
7
|
0.315730
|
82.79582
|
11.03565
|
1.490993
|
1.571987
|
1.612076
|
1.493471
|
|
8
|
0.323762
|
80.66211
|
11.95328
|
2.150974
|
1.694020
|
1.887378
|
1.652239
|
|
9
|
0.339048
|
73.56690
|
15.88041
|
2.252337
|
2.382205
|
4.306643
|
1.611500
|
|
10
|
0.342713
|
72.01211
|
16.40678
|
2.351718
|
2.677949
|
4.968409
|
1.583030
|
TABLEAU A.14 - Décomposition de la variance des
variables de l'étude : TIS
|
Period
|
S.E.
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
0.270060
|
2.787195
|
97.21280
|
0.000000
|
0.000000
|
0.000000
|
0.000000
|
|
2
|
0.314241
|
2.585144
|
96.80065
|
0.036615
|
0.040050
|
0.036501
|
0.501040
|
|
3
|
0.339454
|
2.708984
|
95.78001
|
0.040874
|
0.205826
|
0.271172
|
0.993134
|
|
4
|
0.355854
|
2.805906
|
94.45385
|
0.238540
|
0.437440
|
0.574527
|
1.489740
|
|
5
|
0.393175
|
5.441111
|
85.44156
|
0.243125
|
0.748073
|
6.032255
|
2.093880
|
|
6
|
0.402763
|
5.827447
|
82.79969
|
0.240224
|
0.793935
|
8.341058
|
1.997647
|
|
7
|
0.411925
|
6.419896
|
80.52618
|
0.348660
|
0.764387
|
9.982816
|
1.958062
|
|
8
|
0.421455
|
7.062667
|
78.17377
|
0.532586
|
0.822381
|
11.36619
|
2.042410
|
|
9
|
0.437909
|
9.430347
|
73.51942
|
1.648217
|
1.680645
|
10.95957
|
2.761801
|
|
10
|
0.443214
|
9.775746
|
71.78025
|
2.932318
|
2.047631
|
10.73788
|
2.726166
|
TABLEAU A.15 - Décomposition de la variance des
variables de l'étude : TDS
|
Period
|
S.E.
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
0.084824
|
3.888885
|
12.03595
|
84.07516
|
0.000000
|
0.000000
|
0.000000
|
|
2
|
0.151080
|
4.150963
|
17.80335
|
77.61347
|
0.013263
|
0.005317
|
0.413642
|
|
3
|
0.213013
|
3.808540
|
22.17171
|
72.71696
|
0.078063
|
0.002737
|
1.221990
|
|
4
|
0.270437
|
3.302429
|
25.59472
|
68.54548
|
0.209207
|
0.025211
|
2.322957
|
|
5
|
0.298789
|
2.924812
|
23.11416
|
69.79332
|
0.835362
|
0.298381
|
3.033968
|
|
6
|
0.318854
|
4.064677
|
20.43522
|
69.14969
|
1.758718
|
0.770986
|
3.820705
|
|
7
|
0.337761
|
6.652519
|
18.47791
|
66.19605
|
2.884464
|
1.417499
|
4.371557
|
|
8
|
0.358799
|
10.09142
|
17.97352
|
61.26631
|
3.982011
|
2.171195
|
4.515545
|
|
9
|
0.374124
|
12.85060
|
16.53424
|
57.48833
|
5.455798
|
2.573707
|
5.097324
|
|
10
|
0.386456
|
14.29282
|
15.85093
|
54.35880
|
7.107529
|
3.020340
|
5.369583
|
75
TABLEAU A.16 - Décomposition de la variance des
variables de l'étude : TCS
|
Period
|
S.E.
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
0.118458
|
1.061253
|
32.06699
|
1.533406
|
65.33835
|
0.000000
|
0.000000
|
|
2
|
0.151071
|
1.452550
|
28.82333
|
1.837086
|
67.75182
|
0.131221
|
0.003992
|
|
3
|
0.175674
|
1.375491
|
26.77942
|
1.638210
|
69.63043
|
0.573431
|
0.003021
|
|
4
|
0.196432
|
1.289416
|
25.08438
|
1.339219
|
71.09265
|
1.190751
|
0.003586
|
|
5
|
0.215966
|
1.384064
|
20.88746
|
1.240761
|
60.07176
|
16.40940
|
0.006558
|
|
6
|
0.229839
|
1.419052
|
18.51444
|
1.113816
|
55.02390
|
23.88196
|
0.046830
|
|
7
|
0.244491
|
1.358601
|
16.49077
|
1.015017
|
49.88595
|
31.13488
|
0.114780
|
|
8
|
0.260223
|
1.251139
|
14.71335
|
0.958908
|
44.75394
|
38.12363
|
0.199034
|
|
9
|
0.267580
|
1.243766
|
16.28379
|
0.907293
|
44.18201
|
36.70286
|
0.680276
|
|
10
|
0.275366
|
1.250731
|
16.30936
|
1.164271
|
42.92262
|
37.53335
|
0.819673
|
TABLEAU A.17 - Décomposition de la variance des
variables de l'étude: RS
|
Period
|
S.E.
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
0.007096
|
0.026634
|
4.456496
|
3.682633
|
0.693781
|
91.14046
|
0.000000
|
|
2
|
0.008980
|
0.137944
|
4.735477
|
2.379185
|
0.936012
|
91.81121
|
0.000169
|
|
3
|
0.010630
|
0.159870
|
5.415282
|
1.709767
|
1.277352
|
91.43455
|
0.003175
|
|
4
|
0.012121
|
0.230441
|
6.108007
|
1.384206
|
1.684802
|
90.58531
|
0.007239
|
|
5
|
0.012567
|
0.433361
|
6.129989
|
1.806787
|
1.796800
|
88.57303
|
1.260030
|
|
6
|
0.013125
|
0.456148
|
6.300893
|
1.715680
|
1.650108
|
87.90850
|
1.968673
|
|
7
|
0.013555
|
0.526928
|
6.272925
|
1.634417
|
1.572344
|
87.10057
|
2.892818
|
|
8
|
0.013939
|
0.581875
|
6.128426
|
1.576522
|
1.554697
|
86.09235
|
4.066134
|
|
9
|
0.014196
|
0.620735
|
5.984099
|
1.571035
|
1.669914
|
86.20206
|
3.952153
|
|
10
|
0.014389
|
0.651081
|
5.841018
|
1.690809
|
1.654015
|
86.08881
|
4.074262
|
TABLEAU A.18 - Décomposition de la variance des
variables de l'étude: MMS
|
Period
|
S.E.
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
0.205769
|
45.05206
|
22.33744
|
0.827620
|
12.97809
|
1.158503
|
17.64629
|
|
2
|
0.257251
|
42.55796
|
21.12615
|
1.253875
|
17.10090
|
0.776714
|
17.18440
|
|
3
|
0.291948
|
41.03882
|
19.89254
|
1.060133
|
20.44381
|
0.604770
|
16.95993
|
|
4
|
0.319676
|
39.76841
|
18.67965
|
0.905172
|
23.56299
|
0.525288
|
16.55849
|
|
5
|
0.336675
|
35.85466
|
23.37156
|
0.823784
|
21.42087
|
3.499591
|
15.02953
|
|
6
|
0.341863
|
34.89918
|
23.76431
|
0.800270
|
20.82646
|
5.023566
|
14.68622
|
|
7
|
0.347150
|
34.14924
|
23.82394
|
0.790320
|
20.21981
|
6.688275
|
14.32842
|
|
8
|
0.354125
|
33.45468
|
23.43513
|
0.857416
|
19.43118
|
8.975393
|
13.84620
|
|
9
|
0.374981
|
30.11675
|
24.99597
|
0.769101
|
21.77766
|
8.556637
|
13.78389
|
|
10
|
0.381736
|
29.10489
|
24.83174
|
0.919025
|
23.26016
|
8.388528
|
13.49565
|
76
TABLEAU A.19 - Fonction des réponses impulsives : VRS
Response of VRS :
|
Period
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
0.206278
|
0.000000
|
0.000000
|
0.000000
|
0.000000
|
0.000000
|
|
2
|
0.126909
|
-0.023743
|
0.003461
|
-0.007583
|
-0.002241
|
-0.013196
|
|
3
|
0.108830
|
-0.021768
|
0.017739
|
-0.006185
|
-0.008326
|
-0.015966
|
|
4
|
0.096214
|
-0.019630
|
0.026450
|
-0.007184
|
-0.012869
|
-0.015655
|
|
5
|
-0.032363
|
0.076112
|
0.016055
|
0.030533
|
-0.019684
|
-0.016731
|
|
6
|
-0.023663
|
0.045583
|
0.009611
|
0.016746
|
-0.020785
|
-0.017010
|
|
7
|
-0.034208
|
0.041318
|
-0.010484
|
0.014386
|
-0.023400
|
-0.015665
|
|
8
|
-0.044906
|
0.039100
|
-0.027720
|
0.014445
|
-0.019271
|
-0.015593
|
|
9
|
-0.004027
|
-0.075667
|
-0.018288
|
-0.031028
|
-0.054518
|
-0.010980
|
|
10
|
-0.003421
|
-0.031858
|
-0.013153
|
-0.020171
|
-0.029746
|
0.002611
|
TABLEAU A.20 - Fonction des réponses impulsives : TIS
Response of TIS :
|
Period
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
0.045086
|
0.266270
|
0.000000
|
0.000000
|
0.000000
|
0.000000
|
|
2
|
0.022803
|
0.157126
|
0.006013
|
0.006289
|
-0.006004
|
-0.022243
|
|
3
|
0.023849
|
0.121564
|
-0.003308
|
0.014058
|
-0.016626
|
-0.025488
|
|
4
|
0.020776
|
0.096139
|
-0.015968
|
0.017798
|
-0.020373
|
-0.027242
|
|
5
|
-0.069700
|
-0.111678
|
0.008589
|
0.024545
|
-0.092723
|
-0.036747
|
|
6
|
-0.032279
|
-0.047272
|
-0.003721
|
0.011467
|
-0.064851
|
-0.001919
|
|
7
|
-0.037951
|
-0.048196
|
-0.014210
|
-0.003021
|
-0.058381
|
0.009052
|
|
8
|
-0.040640
|
-0.047085
|
-0.018825
|
-0.012795
|
-0.057009
|
0.017474
|
|
9
|
0.074425
|
0.046134
|
-0.047060
|
-0.041978
|
0.028765
|
0.040845
|
|
10
|
0.033456
|
0.004489
|
-0.050985
|
-0.028275
|
0.008764
|
0.007687
|
TABLEAU A.21 - Fonction des réponses impulsives : TDS
Response of TDS :
|
Period
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
-0.016728
|
0.029428
|
0.077777
|
0.000000
|
0.000000
|
0.000000
|
|
2
|
-0.025839
|
0.056547
|
0.108009
|
0.001740
|
0.001102
|
0.009717
|
|
3
|
-0.027940
|
0.077438
|
0.123611
|
0.005692
|
-0.000168
|
0.021449
|
|
4
|
-0.026214
|
0.093052
|
0.130907
|
0.010844
|
-0.004147
|
0.033830
|
|
5
|
0.013995
|
0.043773
|
0.110346
|
0.024347
|
-0.015746
|
0.031775
|
|
6
|
0.039004
|
0.011869
|
0.089415
|
0.032284
|
-0.022748
|
0.034291
|
|
7
|
0.058795
|
-0.017436
|
0.072216
|
0.038764
|
-0.028866
|
0.033208
|
|
8
|
0.073499
|
-0.045371
|
0.057918
|
0.042845
|
-0.034322
|
0.028740
|
|
9
|
0.070679
|
0.002052
|
0.039917
|
0.050101
|
-0.028412
|
0.036352
|
|
10
|
0.057959
|
0.023029
|
0.026799
|
0.054576
|
-0.030140
|
0.029744
|
77
TABLEAU A.22 - Fonction des réponses impulsives : TCS
Response of TCS :
|
Period
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
-0.012203
|
0.067080
|
0.014669
|
0.095752
|
0.000000
|
0.000000
|
|
2
|
-0.013513
|
0.045591
|
0.014286
|
0.079336
|
-0.005472
|
-0.000955
|
|
3
|
-0.009643
|
0.041064
|
0.009290
|
0.077628
|
-0.012125
|
0.000145
|
|
4
|
-0.008546
|
0.037610
|
0.003343
|
0.077089
|
-0.016807
|
0.000672
|
|
5
|
0.012166
|
-0.007952
|
-0.007872
|
0.024222
|
-0.084818
|
0.001294
|
|
6
|
0.010202
|
0.006188
|
-0.003111
|
0.032385
|
-0.070444
|
0.004656
|
|
7
|
0.007905
|
0.008776
|
-0.004283
|
0.027435
|
-0.077429
|
0.006624
|
|
8
|
0.005925
|
0.010287
|
-0.006527
|
0.022043
|
-0.084881
|
0.008134
|
|
9
|
-0.006580
|
0.041179
|
-0.000526
|
0.036444
|
-0.021517
|
0.018769
|
|
10
|
-0.007607
|
0.026605
|
-0.015271
|
0.030215
|
-0.046706
|
0.011596
|
TABLEAU A.23 - Fonction des réponses impulsives : RS
Response of RS :
|
Period
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
0.000116
|
-0.001498
|
0.001362
|
-0.000591
|
0.006775
|
0.000000
|
|
2
|
0.000313
|
-0.001255
|
0.000253
|
-0.000637
|
0.005305
|
1.17E-05
|
|
3
|
0.000263
|
-0.001517
|
0.000115
|
-0.000830
|
0.005411
|
-5.87E-05
|
|
4
|
0.000397
|
-0.001690
|
0.000319
|
-0.001016
|
0.005457
|
-8.40E-05
|
|
5
|
0.000588
|
-0.000841
|
-0.000905
|
0.000602
|
0.002606
|
-0.001407
|
|
6
|
0.000318
|
-0.001083
|
-0.000319
|
6.85E-05
|
0.003397
|
-0.001184
|
|
7
|
0.000427
|
-0.000820
|
-0.000218
|
0.000216
|
0.002934
|
-0.001387
|
|
8
|
0.000403
|
-0.000618
|
-0.000246
|
0.000363
|
0.002693
|
-0.001608
|
|
9
|
0.000347
|
-0.000389
|
0.000320
|
-0.000587
|
0.002536
|
-0.000252
|
|
10
|
0.000312
|
-0.000184
|
0.000579
|
-0.000243
|
0.002127
|
-0.000686
|
TABLEAU A.24 - Fonction des réponses impulsives : MMS
Response of MMS :
|
Period
|
VRS
|
TIS
|
TDS
|
TCS
|
RS
|
MMS
|
|
1
|
-0.138114
|
0.097252
|
0.018720
|
0.074129
|
0.022148
|
0.086438
|
|
2
|
-0.095334
|
0.067254
|
0.021895
|
0.076302
|
0.004847
|
0.062456
|
|
3
|
-0.082551
|
0.054536
|
0.008590
|
0.078153
|
-0.001204
|
0.055527
|
|
4
|
-0.075243
|
0.046196
|
-0.004629
|
0.081576
|
-0.004619
|
0.049659
|
|
5
|
0.000971
|
-0.086038
|
0.002957
|
-0.014176
|
-0.058566
|
-0.010698
|
|
6
|
0.012063
|
-0.035802
|
-0.001232
|
0.007706
|
-0.043638
|
0.011307
|
|
7
|
0.019170
|
-0.030619
|
0.004142
|
0.005250
|
-0.046789
|
0.010188
|
|
8
|
0.028273
|
-0.026033
|
0.011081
|
-0.000216
|
-0.056527
|
0.009805
|
|
9
|
0.019839
|
0.075883
|
-0.002489
|
0.079083
|
0.027856
|
0.044920
|
|
10
|
0.008068
|
0.032226
|
-0.016056
|
0.057216
|
-0.013873
|
0.016870
|
78
| 
