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to UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM tn i gh INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS ep n w VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS lo ad yj th ip uy THE IMPACT OF INFLATION ON ECONOMIC GROWTH: EVIDENCE FROM A PANEL OF SELECTED ASIA COUNTRIES n a lu la n va ll fu A thesis submitted in partial fulfilment of the requirements for the degree of oi m MASTER OF ARTS IN DEVELOPMENT ECONOMICS at nh z By z h vb VU DOAN THANH TIEN tj k m om an Lu Dr LE CONG TRU l.c gm Academic Supervisor: n va y te re HO CHI MINH CITY, AUGUST 2012 i to DECLARATION tn i gh ep “I certify that the substance of this thesis has not already been submitted for any degree and have not been currently submitted for any other degree n w lo I certify that to the best of my knowledge and help received in preparing this thesis and all ad sources used have been acknowledged in this thesis.” yj th ip uy n a lu la n va ll fu oi m at nh z z h vb tj k m om l.c gm an Lu n va y te re ii to ACKNOWLEDGEMENTS tn i gh The first person I would like to send special thanks to is my supervisor - Dr Le Cong Tru I’m ep grateful not solely his help throughout the thesis process, but also enthusiasm and many lessons in an attempt to improve my knowledge and skills as well He is usually ready to w n assist me anytime, although he is bustling The professor often keeps track of my work and lo ad motivates me to finish the duty To gain the result today, I cannot miss out his contributions yj th Thanks so much, Dr.Tru! ip uy Next, I’m happy to thank to Dr Hoai, Dr Ngai, and Dr Nam They tried their best to help me a lu la select an appropriate topic for my thesis When I confront to issues, they supported to find the solution and give advice in hope that I might overcome the problems Besides, I also thank to n n va the other professors of VNP for lectures and precious materials fu ll At the same time, I also send thanks to VNP officials, especially Ms Hong They are very m oi nice in helping me when having troubles They inform exactly and quickly to students I enjoy at nh their enthusiasm Additionally, I also send thanks to Mr Quy - a librarian He is nice to his duty I’m always welcomed by him z z h vb Last but not least, I cannot forget sending thanks to my family and friends I’m very grateful tj k m them to take care of and encourage me while performing the thesis Not only they support gm for finance, but also for mental I always keep in mind devotion and sacrifice of all om l.c Thanks so much for everything!!! an Lu n va y te re iii to tn i gh ep TABLE OF CONTENTS w n TABLE OF CONTENTS IV lo ad LIST OF FIGURES VII yj th LIST OF TABLES VIII ABSTRACT ip uy CHAPTER a lu la INTRODUCTION 1.1 PROBLEM STATEMENT n va 1.2 RESEARCH OBJECTIVES AND RESEARCH QUESTIONS n 1.3 STRUCTURE OF THE PAPER fu ll CHAPTER m oi LITERATURE REVIEW at nh 2.1 THEORIES RELATED TO INFLATION AND GROWTH Classical Theory 2.1.2 Neo-Classical Theory 2.1.3 Endogenous Theory 10 2.1.4 Keynesian Theory 10 2.1.5 Neo-Keynesian Theory 11 2.1.6 Monetarist Theory 11 z 2.1.1 z h vb tj k m gm l.c 2.2 GROWTH MODELS 12 The Basic Growth Model 13 2.2.2 Solow Model 13 2.2.3 Augmented Solow Model 14 om 2.2.1 Cost of Inflation 17 2.3.4 Control Variables 18 2.3.5 Threshold Concept 21 y 2.3.3 te Inflation 16 re 2.3.2 n Growth Rate 15 va 2.3.1 an Lu 2.3 VARIABLE DEFINITION 15 iv 2.4 EMPIRICAL STUDIES 21 to tn i gh ep 2.4.1 The Studies of 1960s-1980s .22 2.4.2 The Studies of 1990s 23 2.4.3 Recent Studies 26 CHAPTER 31 w n ECONOMIC OUTLOOKS OF STUDIED COUNTRIES 31 lo ad 3.1 Economic Outlook of Vietnam 32 th 3.2 Economic Outlook of Philippines 34 yj 3.3 Economic Outlook of Malaysia 36 ip uy 3.4 Economic Outlook of Indonesia 39 la 3.5 Economic Outlook of Thailand 42 a lu 3.6 Economic Outlook of China 44 n 3.7 Economic Outlook of India 46 va n CHAPTER 49 fu MODEL SPECIFICATION & RESEARCH METHODOLOGY 49 ll oi m 4.1 EMPIRICAL MODEL 49 at nh 4.2 MODEL SPECIFICATION 50 Non-Linear Inflation-Growth Relationship .50 4.2.2 Testing Thresholds in the Inflation-Growth Relationship 51 z 4.2.1 z h vb 4.3 DATA 52 tj 4.4 RESEARCH METHODS 53 m k CHAPTER 57 gm EMPIRICAL RESULTS 57 l.c 5.1 DESCRIPTIVE ANALYSIS 57 China 57 5.1.2 India 60 5.1.3 Indonesia 62 5.1.4 Malaysia 64 5.1.5 Philippines 66 5.1.6 Thailand 68 5.1.7 Vietnam 70 om 5.1.1 y te re v n China 75 va 5.2.1 an Lu 5.2 REGRESSION ANALYSIS 72 to tn i gh ep India 75 5.2.3 Indonesia 76 5.2.4 Malaysia 76 5.2.5 Philippines 77 5.2.6 Thailand 78 5.2.7 Vietnam 78 n w 5.2.2 lo ad 5.3 INFLATION THRESHOLD ANALYSIS 79 Threshold results of India 80 yj 5.3.2 Threshold Results of China 79 th 5.3.1 ip uy Threshold results of Indonesia 81 5.3.4 Threshold Results of Malaysia 82 5.3.5 Threshold Results of Philippines 84 5.3.6 Threshold Results of Thailand 85 5.3.7 Threshold Results of Vietnam 86 n a lu la 5.3.3 n va fu CHAPTER 89 ll oi m CONCLUSIONS, POLICY RECOMMENDATION, LIMITATIONS AND FUTHER STUDY 89 at nh 6.1 CONCLUSIONS 89 z 6.2 POLICY RECOMMENDATIONS 90 z h vb 6.3 LIMITATIONS 92 6.4 FURTHER STUDY 92 tj k m REFERENCES 93 gm APPENDIX A 99 l.c APPENDIX B 101 APPENDIX C 107 om APPENDIX D 113 an Lu n va y te re vi to tn i gh ep LIST OF FIGURES w n Figure 2-1: Analysis framework for the impact of inflation on growth and thresholds remained lo ad in the relationship 30 yj th Figure 3-1 A comparison between inflation and growth rate of Vietnam from 1990-2010 33 ip uy Figure 3-2: A comparison of inflation-growth relationship of Philippines from 1990 to 2010 35 la a lu Figure 3-3 A comparison between inflation and growth rate of Malaysia in the period of years n 1990-2010 38 va Figure 3-4: A comparison between inflation and economic growth of Indonesia from n ll fu 1990-2010 41 oi m Figure 3-5: A benchmark between inflation and growth of Thailand in the years of 1990-2010 43 at nh Figure 3-6: A comparison between inflation and growth rate of China from 1990-2010 45 z Figure 3-7: A comparison between inflation and economic growth rates of India in the period z h vb 1990-2010 47 tj k m om l.c gm an Lu n va y te re vii C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to tn i gh ep LIST OF TABLES n w lo Table 2-1 Summary of the papers with thresholds found in the inflation-growth correlation 27 ad th Table 4-1 Summary variables used in the models 52 yj Table 5-1 Correlation matrix between variables (China) 58 ip uy Table 5-2: Summary Descriptive Statistics (China) 59 a lu la Table 5-3: Correlation matrix between variables (India) 60 Table 5-4: Summary Descriptive Statistics (India) 61 n va Table 5-7: Correlation matrix between variables (Malaysia) 64 n Table 5-9: Correlation matrix between variables (Philippines) 66 fu ll Table 5-10: Summary Descriptive Statistics (Philippines) 67 m oi Table 5-11: Correlation matrix between variables (Thailand 68 at nh Table 5-13: Correlation matrix between variables (Vietnam) 70 Table 5-15 Regression Results with Fixed Effects Method 73 z z Table 5-16: Estimation Thresholds of China 80 h vb Table 5-17: Estimation Thresholds of India 81 tj k m Table 5-18: Estimation Thresholds of Indonesia 82 gm Table 5-19: Estimation Thresholds of Malaysia 83 l.c Table 5-20: Estimation Thresholds of Philippines 84 Table 5-21: Estimation Thresholds of Thailand 86 om Table 5-22: Estimation Thresholds of Vietnam 87 an Lu n va y te re viii Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 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77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to tn i gh ep n w lo ad yj th The Impact of Inflation on Economic Growth: Evidence from a Panel of Selected Asia Countries ip uy n a lu la n va ll fu oi m at nh z z h vb tj k m om l.c gm an Lu n va y te re Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to tn i gh ABSTRACT ep The objective of this paper is to ascertain whether inflation significantly impacts on economic w n growth for the selected Asia countries The study relied on macroeconomic theories, the lo ad augmented Solow model, and empirical studies for seeking the key variables impacting yj th growth Simultaneously the quadratic model is employed to find out the impacts of inflation ip uy on growth, using a panel data of seven Asian countries in the period of 1990-2010 The fixed-effect method was used for capturing the differences among the selected countries The la results show that only China, India, Thailand, and Vietnam have a negative effect of inflation a lu n on growth, and among the countries, Thailand and Vietnam have statistically significant n va meaning at 1% and 5% Meanwhile the rest of countries comprising Indonesia, Malaysia and ll fu Philippines contain the positive effect of inflation on growth Except for Malaysia, Indonesia oi m and Philippines have statistically significant meaning at 5% at nh For estimating thresholds for the countries, the paper adopted several methods including z scatter diagrams, observing average inflation rates and the method of Khan and Senhadji The z h vb outputs indicate that only India has the threshold at 7% and statistically significant meaning at tj 5% The rest of countries including China, Indonesia, Malaysia, Philippines, Thailand and m k Vietnam also find out the levels of threshold in the relationship between inflation and gm economic growth are 6%, 12-13%, 4%, 10-13%, 4.2-4.5% and 8%; however, all are not statistically significant meaning om l.c an Lu n va y te re Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to Y_CH vs INF_CH^2 tn 16 i gh 14 ep 12 n w Y_CH 10 lo ad th yj -5 ip uy 10 15 20 25 la n a lu INF_CH va n Figure B-5: Scatter diagram expressing the correlation between squared- inflation and growth China ll fu m oi Y_ID vs INF_ID^2 at nh 11 10 z z h vb tj m k Y_ID gm om l.c 4 10 12 14 an Lu va INF_ID n Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn y 105 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn te re Figure B-6: Scatter diagram expressing the correlation between squared- inflation and growth India C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to Y_IN vs INF_IN^2 tn 12 i gh ep lo Y_IN n w ad -4 yj th -8 ip uy -12 10 60 50 40 30 20 n a lu la -16 n va INF_IN ll fu m oi Figure B-7: Scatter diagram expressing the correlation between squared- inflation and growth Indonesia at nh z z h vb tj k m om l.c gm an Lu n va y te re 106 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 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an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to APPENDIX C tn i gh ep w n The results of examining Heteroscedasticity by White test approach for each country lo ad yj th ip uy a lu la Table C-1: The result tests Heteroscedastiscity with White test method of Thailand n Table White Heteroskedasticity Test: Probability Probability 0.075400 0.266407 n 12.68475 16.81068 va F-statistic Obs*R-squared ll fu oi m at nh z Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 02/01/12 Time: 15:02 Sample: 1990 2008 Included observations: 17 Excluded observations: an n va y te re Stt.010.Mssv.BKD002ac.email.ninhd 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77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn om 0.756877 1.513287 0.873017 1.608205 12.68475 0.075400 l.c Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic) 0.988863 0.910906 0.451694 0.408055 7.579356 3.572253 gm R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood Durbin-Watson stat Prob 0.2400 0.0306 0.7010 0.1926 0.1336 0.2101 0.2113 0.1712 0.2128 0.3054 0.3884 0.0697 0.0672 0.0818 0.0724 k -1.653732 5.587863 0.443074 1.935395 -2.454079 1.821691 -1.814453 -2.094794 1.805268 -1.365446 1.093212 -3.585999 -3.660101 -3.278473 3.511450 m t-Statistic 669.3722 0.159763 0.035461 1.470636 0.025422 2801.541 2666.464 19.65958 0.925283 0.445166 0.004879 0.090055 0.034131 0.285909 0.028945 tj Std Error -1106.962 0.892736 0.015712 2.846262 -0.062387 5103.543 -4838.174 -41.18276 1.670383 -0.607850 0.005334 -0.322935 -0.124924 -0.937344 0.101637 h vb Coefficient C INF_TH INF_TH^2 INV_TH INV_TH^2 EMPL_TH EMPL_TH^2 GOV_TH GOV_TH^2 SCH_TH SCH_TH^2 TFP_TH TFP_TH^2 EX_TH EX_TH^2 z Variable C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to tn i gh ep Table C-2: The result tests Heteroscedastiscity with White test method of Philippines White Heteroskedasticity Test: w 0.222935 9.178033 n F-statistic Obs*R-squared lo Probability Probability 0.979072 0.819479 ad yj th Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 02/01/12 Time: 15:18 Sample: 1990 2008 Included observations: 18 Excluded observations: ip uy a lu la Prob -0.090588 0.196375 -0.215185 -0.014339 -0.088921 -0.126590 0.122230 0.095626 -0.097433 0.113666 -0.118841 0.182594 0.321832 -0.065774 -0.502507 0.9335 0.8569 0.8434 0.9895 0.9347 0.9073 0.9104 0.9298 0.9285 0.9167 0.9129 0.8668 0.7687 0.9517 0.6499 ll oi m at nh z h vb tj om l.c gm 0.364679 0.651984 2.878787 3.620763 0.222935 0.979072 k m Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic) z 0.509891 -1.777286 1.086543 3.541728 -10.90908 2.906578 t-Statistic 8385.263 0.626957 0.035201 2.604817 0.060866 13.41877 0.084279 45545.25 59570.86 24.87968 1.098030 1.238332 0.159855 0.720372 0.076908 va R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood Durbin-Watson stat Std Error fu -759.6039 0.123119 -0.007575 -0.037351 -0.005412 -1.698678 0.010301 4355.317 -5804.171 2.827965 -0.130491 0.226112 0.051447 -0.047382 -0.038647 n Coefficient C INF_PH INF_PH^2 INV_PH INV_PH^2 SCH_PH SCH_PH^2 EMPL_PH EMPL_PH^2 GOV_PH GOV_PH^2 EX_PH EX_PH^2 TFP_PH TFP_PH^2 n Variable an Lu n va y te re 108 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to Table C-3: The result tests Heteroscedastiscity with White test method of Malaysia tn i gh White Heteroskedasticity Test: ep 4.431385 15.74619 F-statistic Obs*R-squared Probability Probability 0.357916 0.329119 w n Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 02/01/12 Time: 15:31 Sample: 1990 2008 Included observations: 16 Excluded observations: lo ad yj th Std Error t-Statistic Prob 1052.606 -0.018331 -0.004319 0.043061 -0.000107 -0.558965 0.003274 -5727.242 7558.738 8.339727 -0.334643 -0.022832 0.005692 -0.024184 0.009137 394.3614 0.374507 0.044982 0.312770 0.005244 0.522908 0.003498 2214.507 2931.354 5.980264 0.242028 0.077944 0.003645 0.049908 0.009175 2.669141 -0.048947 -0.096017 0.137676 -0.020411 -1.068954 0.935829 -2.586238 2.578583 1.394542 -1.382663 -0.292932 1.561483 -0.484575 0.995879 0.2282 0.9689 0.9391 0.9129 0.9870 0.4788 0.5211 0.2349 0.2355 0.3960 0.3986 0.8186 0.3626 0.7127 0.5013 n a lu n ll fu oi m at nh z z h vb Mean dependent var 0.162439 S.D dependent var 0.211088 Akaike info criterion -2.606380 Schwarz criterion -1.882078 F-statistic 4.431385 Prob(F-statistic) 0.357916 tj k m om l.c gm 0.984137 0.762054 0.102968 0.010602 35.85104 2.742301 va R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood Durbin-Watson stat Coefficient la C INF_MA INF_MA^2 INV_MA INV_MA^2 SCH_MA SCH_MA^2 EMPL_MA EMPL_MA^2 GOV_MA GOV_MA^2 EX_MA EX_MA^2 TFP_MA TFP_MA^2 ip uy Variable Lu an Table C-4: The result tests Heteroscedastiscity with White test method of Indonesia n va White Heteroskedasticity Test: 0.341281 0.312410 Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 02/01/12 Time: 15:52 109 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn y Probability Probability te 2.324731 16.01581 re F-statistic Obs*R-squared C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to Sample: 1990 2008 Included observations: 17 Excluded observations: tn i gh ep Coefficient Std Error t-Statistic Prob C INF_IN INF_IN^2 INV_IN INV_IN^2 GOV_IN GOV_IN^2 EMPL_IN EMPL_IN^2 SCH_IN SCH_IN^2 EX_IN EX_IN^2 TFP_IN TFP_IN^2 254.2346 -1.962018 0.108018 1.460292 -0.023692 12.30396 -0.843977 -1544.441 1847.124 0.395172 -0.003534 0.353916 -0.046557 -0.384118 0.091922 1000.408 1.514197 0.083816 1.791008 0.030192 10.09952 0.701936 4878.242 5662.429 0.555308 0.004653 0.625711 0.067871 0.626329 0.245173 0.254131 -1.295748 1.288757 0.815346 -0.784725 1.218272 -1.202357 -0.316598 0.326207 0.711627 -0.759452 0.565622 -0.685959 -0.613285 0.374928 0.8231 0.3244 0.3264 0.5005 0.5148 0.3473 0.3523 0.7815 0.7752 0.5505 0.5269 0.6286 0.5636 0.6021 0.7437 n w Variable lo ad yj th ip uy a lu la va Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic) n ll fu 0.942107 0.536852 0.342597 0.234745 12.27902 3.042164 n R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood Durbin-Watson stat 0.395400 0.503412 0.320115 1.055304 2.324731 0.341281 oi m at nh z Table C-5: The result tests Heteroscedastiscity with White test method of India z h vb tj 15.00000 Probability 0.378155 k Obs*R-squared m White Heteroskedasticity Test: gm om l.c Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 02/01/12 Time: 16:06 Sample: 1993 2008 Included observations: 15 Excluded observations: 110 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn y NA NA NA NA NA NA NA NA NA NA te Prob NA NA NA NA NA NA NA NA NA NA re t-Statistic NA NA NA NA NA NA NA NA NA NA n Std Error -35390.59 80.49248 -5.058527 -0.867744 0.125830 241064.2 -313342.5 -412.0828 4.466731 -296.4661 va Coefficient C INF_ID INF_ID^2 INV_ID INV_ID^2 EMPL_ID EMPL_ID^2 SCH_ID SCH_ID^2 GOV_ID an Lu Variable C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to GOV_ID^2 EX_ID EX_ID^2 TFP_ID TFP_ID^2 tn i gh 12.61879 -1.728005 -20.04616 -7.671974 0.224411 ep 1.000000 2.112694 1.22E-10 170.2143 R-squared S.D dependent var Sum squared resid Log likelihood NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA n w Mean dependent var 0.885253 Akaike info criterion -20.69524 Schwarz criterion -19.98719 Durbin-Watson stat 3.004914 lo ad yj th ip uy Table C-6: The result tests Heteroscedastiscity with White test method of China la n a lu White Heteroskedasticity Test: 844.3850 15.99865 Probability Probability 0.026967 0.313457 n va F-statistic Obs*R-squared ll fu oi m at nh z Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 02/01/12 Time: 10:56 Sample: 1990 2008 Included observations: 16 Excluded observations: z Variable Coefficient Std Error t-Statistic h vb C EMPL_CH EMPL_CH^2 EX_CH EX_CH^2 GOV_CH GOV_CH^2 INF_CH INF_CH^2 INV_CH INV_CH^2 SCH_CH SCH_CH^2 TFP_CH TFP_CH^2 4437.751 -15626.87 13859.89 -0.890554 0.042557 2.683083 -0.122188 -0.028970 0.003763 -0.629147 0.000168 -0.732171 0.006251 0.172993 -0.033970 620.1885 2199.069 1954.478 0.065356 0.002607 1.182910 0.040287 0.021476 0.000836 0.435729 0.005164 0.115868 0.001104 0.010228 0.000741 7.155487 -7.106129 7.091353 -13.62617 16.32424 2.268205 -3.032961 -1.348964 4.499607 -1.443894 0.032524 -6.318981 5.659400 16.91393 -45.85239 0.0884 0.0890 0.0892 0.0466 0.0389 0.2644 0.2028 0.4061 0.1392 0.3856 0.9793 0.0999 0.1113 0.0376 0.0139 Prob tj k m om l.c gm an Lu n va y te re R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood 0.999915 0.998731 0.025408 0.000646 58.24059 Mean dependent var 0.418451 S.D dependent var 0.713316 Akaike info criterion -5.405073 Schwarz criterion -4.680771 F-statistic 844.3850 111 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an Durbin-Watson stat 3.897552 0.026967 Probability Probability 0.704401 0.474680 to Prob(F-statistic) tn i gh ep White Heteroskedasticity Test: 0.732514 13.66861 n w F-statistic Obs*R-squared lo ad yj th Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 06/27/12 Time: 10:37 aSample: 1990 2008 Included observations: 19 ip uy a lu la Coefficient C INF_VN INF_VN^2 INV_VN INV_VN^2 EMPL_VN EMPL_VN^2 GOV_VN GOV_VN^2 SCH_VN SCH_VN^2 EX_VN EX_VN^2 TFP_VN TFP_VN^2 77.89618 -0.048242 0.000236 -0.028595 0.000280 -119.2453 105.5372 -12.06031 0.815532 -0.023581 0.000727 -0.145208 -0.010101 -0.074753 0.065998 Std Error t-Statistic Prob 0.548457 -0.463778 0.242565 -0.100644 0.047236 -0.231866 0.205350 -1.183828 1.222168 -0.656052 0.425556 -0.353397 -0.611429 -0.632276 1.646699 0.6126 0.6669 0.8203 0.9247 0.9646 0.8280 0.8473 0.3020 0.2887 0.5476 0.6923 0.7416 0.5740 0.5615 0.1750 n Variable va n ll fu oi m at nh z z h vb tj k m 142.0278 0.104019 0.000972 0.284121 0.005926 514.2844 513.9383 10.18756 0.667283 0.035943 0.001710 0.410892 0.016520 0.118228 0.040079 om an Lu 0.318940 0.390339 1.210450 1.956059 0.732514 0.704401 l.c Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic) 0.719401 -0.262697 0.438623 0.769560 3.500728 2.977541 gm R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood Durbin-Watson stat n va y Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn te 112 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn re Table C-7: The result tests Heteroscedastiscity with White test method of Vietnam C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to APPENDIX D tn i gh ep The scatter diagrams present the relationship between variables in the model of the countries n w 10 16.5 580 16.0 lo 584 ad ip uy 568 564 10 12 14 14.5 14.0 13.5 -2 16 13.0 n Y_CH 10 12 14 16 n fu oi 40 SCH_CH m at nh INV_CH 10 12 14 16 12 14 16 70 ll 42 80 15 38 36 Y_CH 44 20 10 Y_CH va 25 INF_CH 15.0 a lu 556 la 560 GOV_CH EX_CH yj 572 15.5 th EMPL_CH 576 60 50 40 z z -5 34 10 12 14 16 Y_CH 10 12 14 Y_CH 30 16 h vb 10 Y_CH tj m 10 k gm l.c om TFP_CH -5 Lu 10 12 14 an -10 16 va Y_CH n Stt.010.Mssv.BKD002ac.email.ninhd 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lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to 80 40 76 tn 36 72 -4 -8 32 INV_IN 68 SCH_IN ep TFP_IN i gh 64 60 56 -12 28 24 20 -16 48 n w 52 lo -20 -16 -12 -8 -4 44 -16 12 -12 -8 -4 ad Y_IN 16 -16 12 -12 -8 Y_IN -4 12 12 Y_IN yj th ip uy a lu 30 20 n 7.0 n -4 12 5.0 -16 -12 -8 -4 ll fu -8 Y_IN 6.0 5.5 -12 6.5 va 10 -16 10 7.5 la INF_IN 40 12 8.5 8.0 GOV_IN 50 9.0 EX_IN 60 -2 -16 12 -12 -8 Y_IN -4 Y_IN oi m 45 at nh z 43 z h vb EMPL_IN 44 42 tj -12 -8 -4 k m 41 -16 12 gm Y_IN l.c om Figure D-3: The scatter diagrams describe the correlation between the variables in the model of Indonesia an Lu n va y te re 115 Stt.010.Mssv.BKD002ac.email.ninhd 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lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to 75 45 40 70 35 SCH_MA ep TFP_MA i gh -4 -8 INV_MA tn 65 30 25 -12 60 w 20 -16 n lo -20 -8 55 -4 12 15 -8 -4 ad Y_MA 12 -8 -4 Y_MA 12 12 Y_MA yj th a lu 12 -5 -8 -4 12 -8 -4 Y_MA ll Y_MA 10 fu 10 n -4 11 va 12 n -8 20 15 la 25 13 GOV_MA INF_MA 14 ip uy EX_MA Y_MA oi m 400 at nh 395 385 z z 380 h vb EMPL_MA 390 375 tj 370 m 365 -4 12 k -8 gm Y_MA l.c om Figure D-4: The scatter diagrams describe the correlation between the variables in the model of Malaysia an Lu n va y te re 116 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 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an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an to tn 80 44 70 40 60 36 -5 INV_TH SCH_TH ep TFP_TH i gh 50 32 40 28 30 24 -10 n w lo -15 -12 -8 -4 20 -12 12 -8 -4 ad Y_TH 20 -12 12 -8 -4 Y_TH 12 12 Y_TH yj th ip uy 15 GOV_TH 11.0 n 10.0 a lu 20 12.0 11.5 la INF_TH 12.5 -5 10 EX_TH 10 10.5 va -5 9.5 n -8 -4 12 9.0 -12 -8 -4 ll fu -10 -12 Y_TH -10 -12 12 -8 -4 Y_TH Y_TH oi m 55 at nh 54 z 52 z 51 h vb EMPL_TH 53 50 tj 49 -8 -4 k m 48 -12 12 gm Y_TH l.c om Figure D-6: The scatter diagrams describe the correlation between the variables in the model of Thailand an Lu n va y te re 118 Stt.010.Mssv.BKD002ac.email.ninhd 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