Table A1.

Estimation results for the univariate AR(p) models.

	Country	Mu	Alpha1	Alpha2	K	Acf1	Acf2
1	USA	0.1190	NA	NA	NA	−0.5812	0.1025
2	ESP	0.0551	−0.6357	−0.3070	2.879772	−0.4078	−0.0964
3	ITA	0.0197	−0.2187	NA	NA	−0.3080	−0.1204
4	GBR	0.0994	−0.2747	−0.3170	3.457548	−0.4656	−0.1669
5	DEU	−0.0483	NA	NA	NA	−0.7526	0.4425
6	FRA	0.0591	−0.5001	NA	NA	−0.5180	0.0404
7	TUR	0.1290	0.2093	NA	NA	−0.4603	0.1770
8	RUS	0.1454	−0.6229	−0.3060	2.897091	−0.2381	−0.1603
9	IRN	0.0153	−0.7193	−0.3499	2.824746	−0.3826	−0.2127
10	BRA	0.1456	−0.5581	NA	NA	−0.7432	0.4734
11	CAN	0.0951	−0.3906	NA	NA	−0.4648	−0.0175
12	BEL	0.0951	NA	NA	NA	−0.3717	−0.1870
13	NLD	0.0705	NA	NA	NA	−0.1379	0.0532
14	PER	0.1315	−0.7798	−0.3740	2.777552	−0.4865	−0.0313
15	IND	0.1246	−0.7751	−0.1902	2.357376	−0.4758	−0.1840
16	CHE	0.0532	−0.6605	−0.1818	2.557440	−0.5581	0.1938
17	PRT	0.1035	−0.4378	NA	NA	−0.2475	−0.1414
18	ECU	0.0618	−0.3215	−0.3590	3.410295	−0.6846	0.3053
19	SAU	0.1182	−0.7888	−0.5028	2.908032	−0.5923	0.0215
20	SWE	0.0980	−0.2257	NA	NA	−0.3906	0.0849
21	IRL	0.0965	−0.3648	NA	NA	−0.4258	0.0670
22	MEX	0.1077	−0.3284	−0.1960	3.220894	−0.4257	−0.0989
23	PAK	0.1142	−0.6143	−0.3125	2.919015	−0.5396	0.1344
24	SGP	0.0764	−0.6688	−0.3331	2.870741	−0.4410	0.0195
25	CHL	0.1154	−0.4258	NA	NA	−0.5679	0.1749
26	ISR	0.0548	−0.8392	−0.2685	2.498557	−0.4177	0.1557
27	AUT	0.0481	−0.2929	−0.2300	3.340180	−0.5234	0.3204
28	JPN	0.0409	−0.3556	−0.3084	3.312745	−0.6871	0.3177
29	BLR	0.1105	−0.5120	−0.3774	3.140573	−0.2509	−0.0071
30	QAT	0.0925	−0.8442	−0.3308	2.623628	−0.2274	0.2722
31	POL	0.0897	−0.4912	NA	NA	−0.7159	0.4200
32	ARE	0.1035	−0.9655	−0.4536	2.651255	−0.4971	0.0442
33	ROU	0.0913	−0.4175	NA	NA	−0.2366	−0.2829
34	IDN	0.0779	−0.7072	−0.3386	2.825275	−0.4945	−0.1337
35	UKR	0.0000	−0.5586	−0.3737	3.071974	−0.3739	0.0234
36	DNK	0.0709	−0.1745	0.2325	NaN	−0.5398	−0.0478
37	SRB	0.0927	−0.5346	−0.3479	3.078214	−0.5001	0.1388
38	PHL	0.0922	−0.8493	−0.3343	2.622693	−0.0336	−0.0254
39	NOR	0.0357	−0.7009	−0.4292	2.942658	−0.6548	0.2291
40	CZE	0.0534	−0.2509	NA	NA	−0.5757	0.3656
41	BGD	0.1039	−0.6032	−0.2978	2.913854	−0.6575	0.1833
42	KOR	−0.0693	−0.7663	−0.3236	2.720150	−0.5332	0.0641
43	DOM	0.0833	−0.6311	−0.2695	2.825041	−0.5545	0.0766
44	AUS	0.0237	−0.4603	NA	NA	−0.4901	−0.0438
45	PAN	0.0827	−0.3611	NA	NA	−0.6513	0.3146
46	COL	0.0933	−0.6590	−0.2212	2.677165	−0.5283	0.0350
47	MYS	0.0402	−0.8145	−0.4581	2.834799	−0.5329	0.0334
48	ZAF	0.0934	−0.7034	−0.2244	2.609739	−0.6558	0.2550
49	EGY	0.0804	−0.7420	−0.5007	2.959918	−0.3648	0.2310
50	FIN	0.0510	−0.7983	−0.4787	2.874698	−0.6616	0.2868

Notes: Countries are indexed by their ISO3 code. The number mu is the average growth rate. AR orders were selected by the AIC criterion. If p = 0, then both α₁ and α₂ are marked as NA, if p = 1, then α₂ is marked as NA. The number k gives the average length of the stochastic cycles, in days, for those AR(2) models that have complex roots. For all other models, k is marked as NA; acf1 and acf2 are autocorrelation coefficients of order 1 and 2 for the growth rates.