3 Issuing costs of state guaranteed bonds - Financial Risk and ...

Annex 5 -over model
Figure 25: Analysis of variance of residuals of main issuing cost model
162
Residuals
-100 0 100 200
0 50 100 150 200
Fitted values
In light of this, the main spill-over model was re-estimated using generalised least squares, as per
Section A4.3.