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RDP 9506: The Liberalisation and Integration of Domestic Financial Markets in Western Pacific Economies
Equation (14)
Δ
i
t
=
μ
−
β
1
i
t
−
1
+
β
2
m
t
−
1
+
Σ
j
=
1
n
−
1
π
j
Δ
i
t
−
j
+
Σ
j
=
0
n
−
1
θ
j
Δ
m
t
−
j
for
i
=
d
,
l
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