Table 1.
Estimation of ANOVA and ANCOVA models for the renminbi
| Variable | Parameters | Coefficient Model 1 | Coefficient Model 2 | Coefficient Model 3 | Coefficient Model 4 |
|---|---|---|---|---|---|
| Constant | α0 | 6.614 (0.006) [973.037] {0.000} | 0.064 (0.027) [2.385] {0.017} | 6.614 (0.007) [912.824] {0.000} | 0.075 (0.025) [2.993] {0.002} |
| D1: | β1 | 0.182 (0.023) [7.903] {0.000} | 0.009 (0.003) [2.726] {0.006} | 0.175 (0.024) [7.167] {0.000} | 0.008 (0.003) [2.590] {0.009} |
| D2: | β3 | 0.047 (0.035) [1.345] {0.178} | –0.006 (0.004) [–1.255] {0.209} | 0.053 (0.037) [1.433] {0.151} | –0.005 (0.004) [–1.087] {0.277} |
| D3: | β4 | –0.027 (0.029) [–0.919] {0.358} | –0.0007 (0.004) [–0.174] {0.861} | –0.025 (0.031) [–0.825] {0.409} | –7.66E–06 (0.004) [–0.001] {0.998} |
| D4: | β5 | 0.059 (0.074) [0.796] {0.426} | 0.022 (0.010) [2.140] {0.032} | 0.084 (0.041) [2.066] {0.039} | 0.002 (0.005) [0.541] {0.588} |
| D5: | β6 | 0.018 (0.076) [0.236] {0.812} | –0.018 (0.010) [–1.731] {0.083} | 0.093 (0.040) [2.297] {0.021} | –0.0006 (0.005) [–0.126] {0.899} |
| D6: | β7 | 0.154 (0.055) [2.795] {0.005} | 0.004 (0.007) [0.520] {0.603} | 0.059 (0.020) [2.91] {0.003} | 0.002 (0.002) [0.816] {0.414} |
| D7: | β8 | 0.048 (0.062) [0.777] {0.437} | 0.003 (0.008) [0.350] {0.725} | 0.047 (0.098) [0.487] {0.625} | 0.002 (0.013) [0.169] {0.865} |
| D8: | β9 | 0.036 (0.059) [0.607] {0.543} | –0.015 (0.008) [–1.897] {0.058} | –0.075 (0.097) [–0.769] {0.441} | –0.007 (0.012) [–0.611] {0.540} |
| D9: | β10 | –0.110 (0.049) [–2.236] {0.0255 | 0.005 (0.006) [0.855] {0.392} | –0.193 (0.045) [–4.216] {0.000} | –0.001 (0.006) [–0.259] {0.795} |
| D10: | β11 | –0.341 (0.018) [–18.161] {0.000} | –0.007 (0.002) [–2.389] {0.0170} | –0.332 (0.043) [–7.560] {0.000} | –0.002 (0.005) [–0.424] {0.671} |
| D11: | β12 | –0.218 (0.018) [–11.631] {0.000} | 0.002 (0.002) [0.755] {0.450} | ||
| Renminbit-1 | δ1 | 0.922 (0.028) [31.916] {0.000} | 0.927 (0.028) [32.138] {0.000} | ||
| Renminbit-2 | δ2 | 0.067 (0.028) [2.343] {0.019} | 0.060 (0.028) [2.106] {0.035} | ||
| R2 | 0.723 | 0.994 | 0.686 | 0.994 | |
| Akaike info | –1.256 | –5.116 | –1.086 | –5.116 | |
| criterion | –1.206 | –5.153 | –1.115 | –5.150 | |
| Schwarz | –1.237 | 1.996 | 0.025 | 1.997 | |
| criterion | |||||
| Hannan-Quinn | |||||
| criterion. |