CHƯƠNG 5 : KẾT LUẬN
5.4. Hướng mở rộng
Trong tương lai khi những dữ liệu hoàn chỉnh và số kỳ nghiên cứu đủ lớn, hướng nghiên cứu tiếp tục được hoàn thiện và bổ sung khi được tăng cỡ mẫu. Do đó, bài nghiên cứu sẽ tiếp tục hoàn thiện về mặt dữ liệu, kỳ quan sát và bổ sung việc cần phải xem xét đến sự chênh lệch khác biệt giữa các quốc gia.
1. Agénor, PierreRichard, 2003 Benefits and costs of international financial integration: theory and facts. The World Economy 26.8 (2003): 1089-1118. 2. Albuquerque R., 2003 The composition of international capital flows: risk
sharing through foreign direct investment. Journal of International Economics 61(2), 353–383.
3. Al-Abri, A., & Baghestani, H. 2015 Foreign investment and real exchange rate volatility in emerging Asian countries. Journal of Asian Economics, 37, 34-47. 4. Arellan M. & Bond S., 1991 Some tests of specification for panel data: Monte
Carlo evidence and an application to employment equations. The review of economic studies, 58(2), 277-297.
5. Blalock G. and P. Gertler, 2005 Foreign direct investment and externalities: the case of the public intervention. In Moran, T.H., E.M. Graham, and M. Blomstrom (eds.), Does Foreign Direct Investment Prompt Development?
Institute of International Economics, Washington, D.C., pp. 73-106.
6. Chari, Anusha, and Peter Blair Henry, 2008 Firm-specific information and the efficiency of investment. Journal of Financial Economics 87.3: 636-655.
7. Dal Bianco S., & To L. N. C., 2016 FDI Inflows, Price and Exchange Rate Volatility: New Empirical Evidence from Latin America. Preprints 2016,
2016080212 (doi: 10.20944/preprints201608.0212.v1).
8. Furceri D., & Borelli S., 2008 Foreign direct investments and exchange rate volatility in the EMU neighborhood countries. Journal of International and Global Economic Studies, 1(1), 42-59.
9. Goldstein, Morris, and Philip Turner, 2004 Controlling currency mismatches in emerging markets. Peterson Institute Press: All Books.
in emerging Asian countries. Journal of Asian Economics, 24, 138-146.
11. Levine R., 2001 International financial liberalization and economic growth.
Review of International Economics 9(4), 688-702.
12. Hull, L. and L.L. Tesar, 2001 The structure of international capital flows. In H. Seiebert (ed.), The World’s New Financial Landscape: Challenges for Economic Policy. Heidelberg: Springer, pp. 87-109.
13. Kalemli-Ozcan, S., B.E. Sorensen, and O. Yosha, 2003 Risk sharing and industrial specialization: regional and international evidence. American Economic Review 93(3), 903-918.
14. Kiyota, K., & Urata, S., 2004 Exchange rate, exchange rate volatility and foreign direct investment. The world economy, 27(10), 1501-1536.
15. Lane, P.R. and G.M. Milesi-Ferretti, 2004 Financial globalization and exchange rates. IIIS. Discussion Papers No. 44. Available at SSRN: http://dx.doi.org/10.2139/ssrn.73914.
16. Markusen, J.R. and A.J. Venables, 1999 Foreign direct investment as a catalyst for industrial development. European Economic Review 43(2), 335-56.
17. Vermeulen, R. and J. de Hann, 2014 Net foreign asset (com)position: does financial development matter? Journal of International Money and Finance 43(May), 88-106.
18. Wei, S.J., 2006 Connecting two views on financial globalization: can we make further progress? Journal of the Japanese and International Economies 20(4), 459– 481.
Phục lục 1: Thống kê mô tả Phụ lục 2: Ma trận tương quan mi 192 -.9718133 .5226256 -3.644597 -.2278148 exf 192 2.734375 1.006401 1 4 dl 192 11.96641 1.395497 9.82615 14.88759 ofar 192 10.64601 1.881332 6.266297 14.97953 pel 192 10.18966 1.941222 5.691909 14.04261 fdi 192 10.97871 1.517965 7.391373 14.46099 tfl 192 12.53743 1.45125 10.13502 15.21841 to 192 4.208361 .8750527 2.767827 6.085994 fdv 168 .0443677 .0364869 .0003223 .2126741 gsv 168 .0302966 .0234378 .0014912 .1254707 gdpv 168 1.533564 1.453273 .0326298 7.63174 totv 168 .0290074 .0266534 8.97e-06 .1256904 exv 168 .0369135 .0249823 .0015435 .1154206 Variable Obs Mean Std. Dev. Min Max
mi -0.1194 0.1457 0.1706 0.0839 0.0176 0.0816 0.1237 0.1328 0.0648 0.1776 0.1215 -0.1240 1.0000 exf 0.0822 0.0187 -0.0876 -0.3525 -0.2496 -0.1800 0.4452 0.1677 0.4984 0.0692 0.5214 1.0000 dl 0.1255 0.0326 0.0393 -0.3867 -0.2421 -0.1368 0.9790 0.7272 0.9013 0.7678 1.0000 ofar 0.0423 -0.0476 0.0868 -0.2350 -0.1295 0.0196 0.8321 0.7421 0.8119 1.0000 pel 0.0922 -0.0539 0.0049 -0.4452 -0.2314 -0.0942 0.9361 0.7418 1.0000 fdi -0.0339 -0.0629 0.0529 -0.3902 -0.2200 0.1410 0.8332 1.0000 tfl 0.0983 -0.0112 0.0240 -0.4243 -0.2597 -0.1016 1.0000 to -0.2850 -0.2426 0.4701 0.2485 0.2001 1.0000 fdv -0.0249 0.0134 0.0266 0.2399 1.0000 gsv -0.1606 0.0967 0.2835 1.0000 gdpv 0.0081 -0.0552 1.0000 totv -0.0295 1.0000 exv 1.0000 exv totv gdpv gsv fdv to tfl fdi pel ofar dl exf mi
Phụ lục 4: Kiểm định mơ hình
Mơ hình 1: exv dl totv gdpv fdv to exf crisis Mơ hình 2: exv fdi totv gdpv fdv to exf crisis Mơ hình 3: exv pel totv gdpv fdv to exf crisis Mơ hình 4: exv tfl totv gdpv fdv to exf crisis Mơ hình 5: exv fdi fdifd fd totv gdpv fdv to exf Mơ hình 6: exv fdi fdigsv gsv totv gdpv fdv to exf Mơ hình 7: exv fdi fdiinfv infv totv gdpv fdv to exf Mơ hình 8: exv fdi fdiofar ofar totv gdpv fdv to exf Mơ hình 9: exv fdi fdimi mi totv gdpv fdv to exf
Kiểm định Pooled với FEM
Mean VIF 62.72 mi 1.13 0.886031 fdv 1.24 0.806401 totv 1.27 0.789341 gdpv 1.47 0.682043 gsv 1.63 0.614877 to 2.28 0.438317 exf 3.29 0.303579 ofar 7.49 0.133434 pel 21.13 0.047316 fdi 25.17 0.039732 dl 208.88 0.004787 tfl 477.63 0.002094 Variable VIF 1/VIF
F test that all u_i=0: F(7, 153) = 7.79 Prob > F = 0.0000 F test that all u_i=0: F(7, 153) = 7.08 Prob > F = 0.0000
F test that all u_i=0: F(7, 152) = 5.87 Prob > F = 0.0000
F test that all u_i=0: F(7, 152) = 6.48 Prob > F = 0.0000
Kiểm định Pooled với REM
F test that all u_i=0: F(7, 152) = 5.70 Prob > F = 0.0000
F test that all u_i=0: F(7, 152) = 6.57 Prob > F = 0.0000
Prob > chibar2 = 0.0000 chibar2(01) = 22.22 Test: Var(u) = 0 u .000074 .0086001 e .0004541 .0213105 exv .0006241 .0249823 Var sd = sqrt(Var) Estimated results:
exv[country,t] = Xb + u[country] + e[country,t]
Breusch and Pagan Lagrangian multiplier test for random effects
Prob > chibar2 = 0.0000 chibar2(01) = 23.02 Test: Var(u) = 0 u .0000723 .0085009 e .0004461 .0211216 exv .0006241 .0249823 Var sd = sqrt(Var) Estimated results:
exv[country,t] = Xb + u[country] + e[country,t]
Prob > chibar2 = 0.0000 chibar2(01) = 20.68 Test: Var(u) = 0 u .0000301 .0054864 e .000437 .0209055 exv .0006241 .0249823 Var sd = sqrt(Var) Estimated results:
exv[country,t] = Xb + u[country] + e[country,t]
Prob > chibar2 = 0.0000 chibar2(01) = 21.54 Prob > chibar2 = 1.0000 chibar2(01) = 0.00 Test: Var(u) = 0 u 0 0 e .0004402 .0209803 exv .0006241 .0249823 Var sd = sqrt(Var) Estimated results:
exv[country,t] = Xb + u[country] + e[country,t]
Breusch and Pagan Lagrangian multiplier test for random effects
Prob > chibar2 = 1.0000 chibar2(01) = 0.00 Test: Var(u) = 0 u 0 0 e .0004515 .0212486 exv .0006241 .0249823 Var sd = sqrt(Var) Estimated results:
exv[country,t] = Xb + u[country] + e[country,t]
Kiểm định FEM với REM Prob > chibar2 = 1.0000 chibar2(01) = 0.00 Test: Var(u) = 0 u 0 0 e .0004345 .020844 exv .0006241 .0249823 Var sd = sqrt(Var) Estimated results:
exv[country,t] = Xb + u[country] + e[country,t]
Prob > chibar2 = 1.0000 chibar2(01) = 0.00 Test: Var(u) = 0 u 0 0 e .0004483 .0211742 exv .0006241 .0249823 Var sd = sqrt(Var) Estimated results:
exv[country,t] = Xb + u[country] + e[country,t]
Breusch and Pagan Lagrangian multiplier test for random effects
Prob > chibar2 = 1.0000 chibar2(01) = 0.00 Test: Var(u) = 0 u 0 0 e .000449 .0211904 exv .0006241 .0249823 Var sd = sqrt(Var) Estimated results:
exv[country,t] = Xb + u[country] + e[country,t]
(V_b-V_B is not positive definite) Prob>chi2 = 0.2140
= 9.57
chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B) Test: Ho: difference in coefficients not systematic
B = inconsistent under Ha, efficient under Ho; obtained from xtreg b = consistent under Ho and Ha; obtained from xtreg crisis .004608 .0035098 .0010982 . exf -.0102951 -.004268 -.0060271 .0020764 to -.0202271 -.0132862 -.0069408 .0105178 fdv .047587 .0454834 .0021036 . gdpv .0038123 .0039083 -.0000961 . totv .0215666 -.0544348 .0760013 .0252204 dl -.0039691 .0004643 -.0044335 .0022933 tenmohinhfe1 tenmohinhre1 Difference S.E.
(V_b-V_B is not positive definite) Prob>chi2 = 0.0579
= 13.65
chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B) Test: Ho: difference in coefficients not systematic
B = inconsistent under Ha, efficient under Ho; obtained from xtreg b = consistent under Ho and Ha; obtained from xtreg crisis .0041087 .0032252 .0008835 . exf -.0093552 -.0035138 -.0058414 .002314 to -.0167752 -.0124214 -.0043538 .0106099 fdv .040992 .038236 .0027561 . gdpv .0038157 .0039091 -.0000934 . totv .0447789 -.0365272 .0813061 .0249809 fdi -.0053484 -.0018641 -.0034843 .0018182 tenmohinhfe1 tenmohinhre1 Difference S.E.
(b) (B) (b-B) sqrt(diag(V_b-V_B)) Coefficients
(V_b-V_B is not positive definite) Prob>chi2 = 0.0034
= 21.24
chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B) Test: Ho: difference in coefficients not systematic
B = inconsistent under Ha, efficient under Ho; obtained from xtreg b = consistent under Ho and Ha; obtained from xtreg crisis .0034878 .0029192 .0005687 . exf -.0082349 -.0015077 -.0067271 .0024734 to -.0144148 -.0125844 -.0018304 .0108651 fdv .0403102 .0424042 -.002094 . gdpv .0036286 .0038938 -.0002652 . totv .0256966 -.0676834 .09338 .0084861 pel -.0057106 -.0004028 -.0053077 .0015971 tenmohinhfe1 tenmohinhre1 Difference S.E.
(b) (B) (b-B) sqrt(diag(V_b-V_B))
(V_b-V_B is not positive definite) Prob>chi2 = 0.0692
= 13.12
chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B) Test: Ho: difference in coefficients not systematic
B = inconsistent under Ha, efficient under Ho; obtained from xtreg b = consistent under Ho and Ha; obtained from xtreg crisis .0043007 .0033954 .0009053 . exf -.0095977 -.0036258 -.0059719 .002172 to -.0184045 -.0132034 -.0052011 .0105413 fdv .0429112 .043204 -.0002929 . gdpv .0037629 .0039396 -.0001767 . totv .0359564 -.0484061 .0843624 .0236139 tfl -.0056618 -.0006367 -.005025 .0021764 tenmohinhfe1 tenmohinhre1 Difference S.E.
(b) (B) (b-B) sqrt(diag(V_b-V_B)) Coefficients
(V_b-V_B is not positive definite) Prob>chi2 = 0.0003
= 28.92
chi2(8) = (b-B)'[(V_b-V_B)^(-1)](b-B) Test: Ho: difference in coefficients not systematic
B = inconsistent under Ha, efficient under Ho; obtained from xtreg b = consistent under Ho and Ha; obtained from xtreg exf -.0067231 .0009032 -.0076263 .0033723 to .1239894 .03734 .0866494 .0693614 fdv .0351929 .0188898 .0163031 . gdpv .003393 .0036435 -.0002505 . totv .0696617 -.1017892 .1714508 .0305876 fd -.5261274 .1437426 -.66987 .239305 fdifd -.0006815 -.0313773 .0306958 .0093399 fdi -.0034517 .0434897 -.0469414 .0144877 tenmohinhfe1 tenmohinhre1 Difference S.E.
see suest for a generalized test assumptions of the Hausman test; data fails to meet the asymptotic = -52.88 chi2<0 ==> model fitted on these chi2(8) = (b-B)'[(V_b-V_B)^(-1)](b-B)
Test: Ho: difference in coefficients not systematic
B = inconsistent under Ha, efficient under Ho; obtained from xtreg b = consistent under Ho and Ha; obtained from xtreg exf -.0087768 -.0000468 -.00873 .0030114 to -.0148179 -.0118818 -.0029361 .0110793 fdv .0406221 .0544391 -.013817 . gdpv .0033184 .0037033 -.0003849 . totv .0408641 -.0675851 .1084492 .0149996 gsv .0357899 -.9130327 .9488226 . fdigsv .0002467 .0714357 -.071189 . fdi -.0054672 -.0025646 -.0029026 .0021863 tenmohinhfe1 tenmohinhre1 Difference S.E.
(b) (B) (b-B) sqrt(diag(V_b-V_B)) Coefficients
(V_b-V_B is not positive definite) Prob>chi2 = 0.0062
= 21.37
chi2(8) = (b-B)'[(V_b-V_B)^(-1)](b-B) Test: Ho: difference in coefficients not systematic
B = inconsistent under Ha, efficient under Ho; obtained from xtreg b = consistent under Ho and Ha; obtained from xtreg exf -.0076664 .0033236 -.01099 .0027758 to -.0044606 -.0101773 .0057167 .0116481 fdv .0272393 .0416277 -.0143883 . gdpv .002564 .0028674 -.0003034 . totv .0491359 -.0763091 .125445 .0161785 infv -.0188228 -.0226357 .0038129 . fdiinfv .0020388 .0022546 -.0002158 . fdi -.0082022 -.0034529 -.0047493 .002001 tenmohinhfe1 tenmohinhre1 Difference S.E.
(V_b-V_B is not positive definite) Prob>chi2 = 0.9860
= 1.82
chi2(8) = (b-B)'[(V_b-V_B)^(-1)](b-B) Test: Ho: difference in coefficients not systematic
B = inconsistent under Ha, efficient under Ho; obtained from xtreg b = consistent under Ho and Ha; obtained from xtreg exf -.0084871 -.0018482 -.0066389 .0029171 to -.0107839 -.0134472 .0026633 .0119095 fdv .0409083 .0500476 -.0091393 . gdpv .003509 .0036628 -.0001537 . totv .0322203 -.0830186 .1152388 .0285856 ofar .0062149 .0227378 -.0165229 .0051253 fdiofar -.000788 -.0019531 .0011651 .0004046 fdi .0063202 .0212773 -.014957 .0082877 tenmohinhfe1 tenmohinhre1 Difference S.E.
(b) (B) (b-B) sqrt(diag(V_b-V_B)) Coefficients
Phụ lục 5 : Kiểm định phương sai thay đổi
(V_b-V_B is not positive definite) Prob>chi2 = 0.9668
= 2.39
chi2(8) = (b-B)'[(V_b-V_B)^(-1)](b-B) Test: Ho: difference in coefficients not systematic
B = inconsistent under Ha, efficient under Ho; obtained from xtreg b = consistent under Ho and Ha; obtained from xtreg exf -.0084049 .0010936 -.0094985 .0030464 to -.0147934 -.011933 -.0028604 .0111899 fdv .0430454 .0491359 -.0060905 . gdpv .0032125 .003291 -.0000785 . totv .0446754 -.0987039 .1433793 .0254274 mi -.0390246 -.0666418 .0276172 . fdimi .0035629 .0056853 -.0021224 . fdi -.0027662 .0052964 -.0080626 .0015954 tenmohinhfe1 tenmohinhre1 Difference S.E.
Prob>chi2 = 0.0000 chi2 (8) = 118.65
H0: sigma(i)^2 = sigma^2 for all i in fixed effect regression model
Modified Wald test for groupwise heteroskedasticity
Prob>chi2 = 0.0000 chi2 (8) = 90.90
H0: sigma(i)^2 = sigma^2 for all i in fixed effect regression model
Prob>chi2 = 0.0000 chi2 (8) = 104.77
H0: sigma(i)^2 = sigma^2 for all i in fixed effect regression model
Prob>chi2 = 0.0000 chi2 (8) = 101.65
H0: sigma(i)^2 = sigma^2 for all i in fixed effect regression model
Modified Wald test for groupwise heteroskedasticity
Prob>chi2 = 0.0000 chi2 (8) = 119.45
H0: sigma(i)^2 = sigma^2 for all i in fixed effect regression model
Modified Wald test for groupwise heteroskedasticity
Prob>chi2 = 0.0000 chi2 (8) = 110.41
H0: sigma(i)^2 = sigma^2 for all i in fixed effect regression model
Modified Wald test for groupwise heteroskedasticity
Prob>chi2 = 0.0000 chi2 (8) = 101.59
H0: sigma(i)^2 = sigma^2 for all i in fixed effect regression model
Phụ lục 6 : Tự tương quan
Prob>chi2 = 0.0000 chi2 (8) = 91.27
H0: sigma(i)^2 = sigma^2 for all i in fixed effect regression model
Prob>chi2 = 0.0000 chi2 (8) = 91.27
H0: sigma(i)^2 = sigma^2 for all i in fixed effect regression model
Modified Wald test for groupwise heteroskedasticity
Prob > F = 0.0005 F( 1, 7) = 37.385 H0: no first-order autocorrelation
Wooldridge test for autocorrelation in panel data
Prob > F = 0.0005 F( 1, 7) = 36.856 H0: no first-order autocorrelation
Wooldridge test for autocorrelation in panel data
Prob > F = 0.0007 F( 1, 7) = 32.706 H0: no first-order autocorrelation
Wooldridge test for autocorrelation in panel data
Prob > F = 0.0006 F( 1, 7) = 34.803 H0: no first-order autocorrelation
Prob > F = 0.0007 F( 1, 7) = 32.437 H0: no first-order autocorrelation Prob > F = 0.0006 F( 1, 7) = 34.727 H0: no first-order autocorrelation
Wooldridge test for autocorrelation in panel data
Prob > F = 0.0005 F( 1, 7) = 35.892 H0: no first-order autocorrelation
Wooldridge test for autocorrelation in panel data
Prob > F = 0.0004 F( 1, 7) = 39.725 H0: no first-order autocorrelation
Wooldridge test for autocorrelation in panel data
Prob > F = 0.0006 F( 1, 7) = 35.744 H0: no first-order autocorrelation
Mơ hình REM
rho .14010133 (fraction of variance due to u_i)
sigma_e .02130722 sigma_u .00860051 _cons .0919688 .0321 2.87 0.004 .029054 .1548836 crisis .0035098 .0046091 0.76 0.446 -.0055239 .0125434 exf -.004268 .0029047 -1.47 0.142 -.0099611 .0014252 to -.0132862 .0041558 -3.20 0.001 -.0214315 -.005141 fdv .0454834 .0513587 0.89 0.376 -.0551777 .1461446 gdpv .0039083 .0014613 2.67 0.007 .0010443 .0067724 totv -.0544348 .0712619 -0.76 0.445 -.1941055 .085236 dl .0004643 .0023442 0.20 0.843 -.0041302 .0050589 exv Coef. Std. Err. z P>|z| [95% Conf. Interval] corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0244 Wald chi2(7) = 16.08 overall = 0.0922 max = 21 between = 0.1414 avg = 21.0 R-sq: within = 0.0981 Obs per group: min = 21 Group variable: country Number of groups = 8 Random-effects GLS regression Number of obs = 168
rho .13924419 (fraction of variance due to u_i)
sigma_e .02113243 sigma_u .00849959 _cons .1125615 .0257574 4.37 0.000 .062078 .163045 crisis .0032252 .0046023 0.70 0.483 -.0057952 .0122456 exf -.0035138 .0027397 -1.28 0.200 -.0088835 .0018558 to -.0124214 .0042333 -2.93 0.003 -.0207186 -.0041243 fdv .038236 .0515743 0.74 0.458 -.0628478 .1393197 gdpv .0039091 .0014547 2.69 0.007 .001058 .0067602 totv -.0365272 .0712003 -0.51 0.608 -.1760773 .103023 fdi -.0018641 .001947 -0.96 0.338 -.0056802 .001952 exv Coef. Std. Err. z P>|z| [95% Conf. Interval] corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0171 Wald chi2(7) = 17.04 overall = 0.0794 max = 21 between = 0.0842 avg = 21.0 R-sq: within = 0.1155 Obs per group: min = 21
rho .06417934 (fraction of variance due to u_i)
sigma_e .02093175 sigma_u .00548159 _cons .0919743 .0201323 4.57 0.000 .0525158 .1314328 crisis .0029192 .0047212 0.62 0.536 -.0063342 .0121725 exf -.0015077 .0026309 -0.57 0.567 -.0066643 .0036488 to -.0125844 .0033792 -3.72 0.000 -.0192076 -.0059612 fdv .0424042 .0521793 0.81 0.416 -.0598653 .1446737 gdpv .0038938 .0014809 2.63 0.009 .0009913 .0067963 totv -.0676834 .0704351 -0.96 0.337 -.2057336 .0703668 pel -.0004028 .001439 -0.28 0.780 -.0032233 .0024176 exv Coef. Std. Err. z P>|z| [95% Conf. Interval] corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0208 Wald chi2(7) = 16.52 overall = 0.1074 max = 21 between = 0.2075 avg = 21.0 R-sq: within = 0.0845 Obs per group: min = 21 Group variable: country Number of groups = 8 Random-effects GLS regression Number of obs = 168
rho .13425085 (fraction of variance due to u_i)
sigma_e .02117482 sigma_u .00833839 _cons .1034731 .0311318 3.32 0.001 .0424559 .1644903 crisis .0033954 .0046157 0.74 0.462 -.0056511 .012442 exf -.0036258 .002846 -1.27 0.203 -.0092038 .0019522 to -.0132034 .0041012 -3.22 0.001 -.0212417 -.0051652 fdv .043204 .0515517 0.84 0.402 -.0578355 .1442436 gdpv .0039396 .0014601 2.70 0.007 .0010779 .0068014 totv -.0484061 .0709366 -0.68 0.495 -.1874392 .090627 tfl -.0006367 .0021644 -0.29 0.769 -.0048788 .0036053 exv Coef. Std. Err. z P>|z| [95% Conf. Interval] corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0242 Wald chi2(7) = 16.10 overall = 0.0854 max = 21 between = 0.1141 avg = 21.0