Table 2 Bai–Ng and Onatski criteria for the number of dynamic factors
Number of factors | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|
Bai–Nga | ||||||
1997–2004 sample | −0.4584 | −0.4869 | −0.4949 | −0.4920 | −0.4806 | −0.4649 |
2005–2008 sample | −0.6388 | −0.6324 | −0.6220 | −0.6070 | −0.5885 | −0.5685 |
05.2005–2008 sample | −0.5841 | −0.5771 | −0.5664 | −0.5471 | −0.5242 | −0.5014 |
Onatskib | ||||||
1997–2004 sample | 6219.58 | 2363.65 | 1574.84 | 1238.74 | 1001.09 | 870.31 |
2005–2008 sample | 6840.89 | 1021.37 | 955.39 | 789.58 | 711.58 | 674.43 |
05.2005–2008 sample | 6027.66 | 1034.42 | 875.61 | 694.51 | 674.43 | 631.79 |