| Variance Decomposition of LNINDEX: | ||||||||
| Period | S.E. | LNINDEX | YTB | YLGB | LNIIP | LNWPI | LNM3 | LNEX |
| 1 | 0.085652 | 100.0000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |
| 2 | 0.121502 | 99.77465 | 2.46E−05 | 0.001196 | 0.222748 | 7.35E−05 | 0.000260 | 0.001052 |
| 3 | 0.149109 | 99.58590 | 4.52E−05 | 0.002198 | 0.409317 | 0.000135 | 0.000477 | 0.001933 |
| 4 | 0.172397 | 99.45874 | 5.91E−05 | 0.002873 | 0.535006 | 0.000176 | 0.000623 | 0.002527 |
| 5 | 0.192907 | 99.37353 | 6.84E−05 | 0.003325 | 0.619224 | 0.000204 | 0.000721 | 0.002924 |
| 6 | 0.211441 | 99.31432 | 7.49E−05 | 0.003639 | 0.677751 | 0.000224 | 0.000790 | 0.003201 |
| 7 | 0.228478 | 99.27138 | 7.96E−05 | 0.003867 | 0.720192 | 0.000238 | 0.000839 | 0.003401 |
| 8 | 0.244331 | 99.23902 | 8.31E−05 | 0.004039 | 0.752183 | 0.000248 | 0.000876 | 0.003552 |
| 9 | 0.259215 | 99.21381 | 8.59E−05 | 0.004173 | 0.777098 | 0.000256 | 0.000905 | 0.003670 |
| 10 | 0.273291 | 99.19365 | 8.81E−05 | 0.004280 | 0.797031 | 0.000263 | 0.000929 | 0.003764 |
| Variance Decomposition of YTB: | ||||||||
| Period | S.E. | LNINDEX | YTB | YLGB | LNIIP | LNWPI | LNM3 | LNEX |
| 1 | 0.573015 | 0.021291 | 99.97871 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |
| 2 | 0.812481 | 0.013811 | 99.34062 | 0.003427 | 0.638174 | 0.000210 | 0.000744 | 0.003014 |
| 3 | 0.997450 | 0.010308 | 98.80427 | 0.006292 | 1.171844 | 0.000386 | 0.001365 | 0.005534 |
| 4 | 1.153638 | 0.008368 | 98.44331 | 0.008218 | 1.530592 | 0.000505 | 0.001783 | 0.007229 |
| 5 | 1.291229 | 0.007161 | 98.20172 | 0.009507 | 1.770599 | 0.000584 | 0.002063 | 0.008362 |
| 6 | 1.415557 | 0.006347 | 98.03399 | 0.010402 | 1.937215 | 0.000639 | 0.002257 | 0.009149 |
| 7 | 1.529829 | 0.005763 | 97.91244 | 0.011050 | 2.057952 | 0.000679 | 0.002398 | 0.009719 |
| 8 | 1.636144 | 0.005325 | 97.82086 | 0.011538 | 2.148916 | 0.000709 | 0.002504 | 0.010149 |
| 9 | 1.735961 | 0.004985 | 97.74956 | 0.011919 | 2.219732 | 0.000732 | 0.002586 | 0.010483 |
| 10 | 1.830344 | 0.004713 | 97.69254 | 0.012223 | 2.276369 | 0.000751 | 0.002652 | 0.010751 |
| Variance Decomposition of YLGB: | ||||||||
| Period | S.E. | LNINDEX | YTB | YLGB | LNIIP | LNWPI | LNM3 | LNEX |
| 1 | 0.343770 | 0.002542 | 5.970977 | 94.02648 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |
| 2 | 0.485608 | 0.005194 | 6.001649 | 93.77473 | 0.217073 | 7.16E−05 | 0.000253 | 0.001025 |
| 3 | 0.594559 | 0.006874 | 6.014802 | 93.57508 | 0.400750 | 0.000132 | 0.000467 | 0.001893 |
| 4 | 0.686460 | 0.007927 | 6.021786 | 93.44175 | 0.525267 | 0.000173 | 0.000612 | 0.002481 |
| 5 | 0.767444 | 0.008617 | 6.026056 | 93.35250 | 0.609038 | 0.000201 | 0.000710 | 0.002876 |
| 6 | 0.840666 | 0.009092 | 6.028922 | 93.29042 | 0.667417 | 0.000220 | 0.000778 | 0.003152 |
| 7 | 0.908004 | 0.009437 | 6.030974 | 93.24534 | 0.709836 | 0.000234 | 0.000827 | 0.003352 |
| 8 | 0.970681 | 0.009696 | 6.032515 | 93.21132 | 0.741859 | 0.000245 | 0.000864 | 0.003504 |
| 9 | 1.029550 | 0.009899 | 6.033714 | 93.18479 | 0.766828 | 0.000253 | 0.000893 | 0.003622 |
| 10 | 1.085230 | 0.010061 | 6.034674 | 93.16355 | 0.786822 | 0.000259 | 0.000917 | 0.003716 |