3 Issuing costs of state guaranteed bonds - Financial Risk and ...
3 Issuing costs of state guaranteed bonds - Financial Risk and ...
3 Issuing costs of state guaranteed bonds - Financial Risk and ...
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Annex 5 -over model<br />
Annex 5 Results <strong>of</strong> diagnostic tests <strong>of</strong> spill-over model<br />
A5.1 Normality <strong>of</strong> residuals<br />
The residuals were found to be approximately normal. There was little evidence <strong>of</strong> deviation from<br />
normality on the basis <strong>of</strong> inspection <strong>of</strong> the st<strong>and</strong>ardised normal probability plot.<br />
Figure 24: St<strong>and</strong>ardised normal probability plot <strong>of</strong> residuals <strong>of</strong> main spill-over model<br />
160<br />
Normal F[(e-m)/s]<br />
0.00 0.25 0.50 0.75 1.00<br />
0.00 0.25 0.50 0.75 1.00<br />
Empirical P[i] = i/(N+1)<br />
A5.2 Multi-collinearity<br />
The hypothesis that the estimated coefficients were stable <strong>and</strong> st<strong>and</strong>ard errors were not inflated is<br />
supported by variance inflation factors, which were mostly within the st<strong>and</strong>ard b<strong>and</strong> <strong>of</strong> tolerance<br />
(i.e. greater than 0.1), suggesting that the estimation results are robust to multicollinearity.
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