Lampiran BUji Kointegrasi :1. Kemampuan Mengontrol Besaran (aggregate) MoneterKonvensional

ADF Test Statistic -5.914531 1% Critical Value* -2.6649 5% Critical Value -1.9559 10% Critical Value -1.6231

*MacKinnon critical values.

Augmented Dickey-Fuller Test EquationDependent Variable: D(U_GM1)Method: Least SquaresDate: 10/24/03 Time: 14:22Sample(adjusted): 1997:2 2003:1Included observations: 24 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U_GM1(-1) -1.193570 0.201803 -5.914531 0.0000

R-squared 0.603225 Mean dependent var 0.101177Adjusted R-squared 0.603225 S.D. dependent var 6.581339S.E. of regression 4.145590 Akaike info criterion 5.722741Sum squared resid 395.2761 Schwarz criterion 5.771827Log likelihood -67.67289 Durbin-Watson stat 2.058889

ADF Test Statistic -4.586980 1% Critical Value* -2.6649 5% Critical Value -1.9559 10% Critical Value -1.6231

*MacKinnon critical values

Augmented Dickey-Fuller Test EquationDependent Variable: D(U_GM2)Method: Least SquaresDate: 10/24/03 Time: 14:24Sample(adjusted): 1997:2 2003:1Included observations: 24 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U_GM2(-1) -0.954047 0.207990 -4.586980 0.0001

R-squared 0.477735 Mean dependent var 0.046279Adjusted R-squared 0.477735 S.D. dependent var 8.342004S.E. of regression 6.028590 Akaike info criterion 6.471677Sum squared resid 835.9096 Schwarz criterion 6.520763Log likelihood -76.66012 Durbin-Watson stat 1.993555

Islamic

ADF Test Statistic -4.977219 1% Critical Value* -2.6649 5% Critical Value -1.9559 10% Critical Value -1.6231

*MacKinnon critical values

Augmented Dickey-Fuller Test EquationDependent Variable: D(U_GM1ISL)Method: Least SquaresDate: 10/24/03 Time: 14:25Sample(adjusted): 1997:2 2003:1Included observations: 24 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U_GM1ISL(-1) -1.053546 0.211674 -4.977219 0.0000

R-squared 0.517825 Mean dependent var -0.039651Adjusted R-squared 0.517825 S.D. dependent var 1.041282S.E. of regression 0.723054 Akaike info criterion 2.230108Sum squared resid 12.02456 Schwarz criterion 2.279194Log likelihood -25.76130 Durbin-Watson stat 1.962687

ADF Test Statistic -4.240461 1% Critical Value* -2.6649 5% Critical Value -1.9559 10% Critical Value -1.6231

*MacKinnon critical values.

Augmented Dickey-Fuller Test EquationDependent Variable: D(U_GM2ISL)Method: Least SquaresDate: 10/24/03 Time: 14:25Sample(adjusted): 1997:2 2003:1Included observations: 24 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U_GM2ISL(-1) -0.878444 0.207158 -4.240461 0.0003

R-squared 0.438655 Mean dependent var -0.087073Adjusted R-squared 0.438655 S.D. dependent var 6.167510S.E. of regression 4.620883 Akaike info criterion 5.939823Sum squared resid 491.1089 Schwarz criterion 5.988908Log likelihood -70.27787 Durbin-Watson stat 1.972285

2. Keterkaitan antara besaran (aggregate) moneter dan tujuan utama darikebijakan moneter.

Konvensional

ADF Test Statistic -5.059436 1% Critical Value* -2.6819 5% Critical Value -1.9583 10% Critical Value -1.6242

*MacKinnon critical values.

Augmented Dickey-Fuller Test EquationDependent Variable: D(U_GM1)Method: Least SquaresDate: 10/24/03 Time: 14:27Sample(adjusted): 1998:1 2003:1Included observations: 21 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U_GM1(-1) -1.123641 0.222088 -5.059436 0.0001

R-squared 0.561290 Mean dependent var 0.079638Adjusted R-squared 0.561290 S.D. dependent var 5.588864S.E. of regression 3.701796 Akaike info criterion 5.501961Sum squared resid 274.0658 Schwarz criterion 5.551700Log likelihood -56.77059 Durbin-Watson stat 1.677333

ADF Test Statistic -7.751888 1% Critical Value* -2.6819 5% Critical Value -1.9583 10% Critical Value -1.6242

*MacKinnon critical values for rejection of hypothesis of a unit root.

Augmented Dickey-Fuller Test EquationDependent Variable: D(U_GM2)Method: Least SquaresDate: 10/24/03 Time: 14:28Sample(adjusted): 1998:1 2003:1Included observations: 21 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U_GM2(-1) -1.492747 0.192566 -7.751888 0.0000

R-squared 0.750221 Mean dependent var 0.109123Adjusted R-squared 0.750221 S.D. dependent var 6.888368S.E. of regression 3.442664 Akaike info criterion 5.356816Sum squared resid 237.0387 Schwarz criterion 5.406555Log likelihood -55.24657 Durbin-Watson stat 1.181220

Islamic

ADF Test Statistic -5.249041 1% Critical Value* -2.6819 5% Critical Value -1.9583 10% Critical Value -1.6242

*MacKinnon critical values.

Augmented Dickey-Fuller Test EquationDependent Variable: D(U_GM1ISL)Method: Least SquaresDate: 10/24/03 Time: 14:29Sample(adjusted): 1998:1 2003:1Included observations: 21 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U_GM1ISL(-1) -1.160362 0.221062 -5.249041 0.0000

R-squared 0.579153 Mean dependent var 0.144178Adjusted R-squared 0.579153 S.D. dependent var 5.957901S.E. of regression 3.865053 Akaike info criterion 5.588276Sum squared resid 298.7727 Schwarz criterion 5.638015Log likelihood -57.67690 Durbin-Watson stat 1.441724

ADF Test Statistic -4.471417 1% Critical Value* -2.6819 5% Critical Value -1.9583 10% Critical Value -1.6242

*MacKinnon critical values.

Augmented Dickey-Fuller Test EquationDependent Variable: D(U_GM2ISL)Method: Least SquaresDate: 10/24/03 Time: 14:29Sample(adjusted): 1998:1 2003:1Included observations: 21 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U_GM2ISL(-1) -0.993632 0.222219 -4.471417 0.0002

R-squared 0.499817 Mean dependent var 0.084523Adjusted R-squared 0.499817 S.D. dependent var 6.039460S.E. of regression 4.271325 Akaike info criterion 5.788173Sum squared resid 364.8844 Schwarz criterion 5.837913Log likelihood -59.77582 Durbin-Watson stat 1.607418

3. Instrumen Kredit

Konvensional

ADF Test Statistic -2.374158 1% Critical Value* -2.6649 5% Critical Value -1.9559 10% Critical Value -1.6231

*MacKinnon critical values.

Augmented Dickey-Fuller Test EquationDependent Variable: D(U)Method: Least SquaresDate: 10/24/03 Time: 14:30Sample(adjusted): 1997:2 2003:1Included observations: 24 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U(-1) -0.396502 0.167007 -2.374158 0.0263

R-squared 0.196819 Mean dependent var 0.036139Adjusted R-squared 0.196819 S.D. dependent var 9.037696S.E. of regression 8.099615 Akaike info criterion 7.062284Sum squared resid 1508.887 Schwarz criterion 7.111369Log likelihood -83.74741 Durbin-Watson stat 1.962843

Islamic

ADF Test Statistic -4.536454 1% Critical Value* -2.6649 5% Critical Value -1.9559 10% Critical Value -1.6231

*MacKinnon critical values for rejection of hypothesis of a unit root.

Augmented Dickey-Fuller Test EquationDependent Variable: D(U)Method: Least SquaresDate: 10/24/03 Time: 14:31Sample(adjusted): 1997:2 2003:1Included observations: 24 after adjusting endpoints

Variable Coefficient Std. Error t-Statistic Prob. U(-1) -0.942442 0.207749 -4.536454 0.0001

R-squared 0.472211 Mean dependent var 0.117077Adjusted R-squared 0.472211 S.D. dependent var 21.33057S.E. of regression 15.49646 Akaike info criterion 8.359874Sum squared resid 5523.228 Schwarz criterion 8.408960Log likelihood -99.31849 Durbin-Watson stat 1.915607