Table 6.

Estimates of d based on autocorrelated errors—conventional indices

Series	No deterministic terms	An intercept	An intercept and a liner time trend
USA	-0.039 (-0.090, 0.004)	-0.042 (-0.091, 0.004)	-0.048 (-0.091, 0.004)
UK	-0.075 (-0.110, -0.041)	-0.075 (-0.109, -0.041)	-0.076 (-0.112, -0.042)
CHINA	-0.028 (-0.059, -0.001)	-0.028 (-0059, -0.001)	-0.027 (-0061, -0.001)
INDIA	-0.006 (-0.031, 0.036)	-0.006 (-0.031, 0.036)	-0.005 (-0.031, 0.035)
JAPAN	-0.059 (-0.101, -0.024)	-0.059 (-0.100, -0.024)	-0.062 (-0.101, -0.023)
SOUTH AFRICA	-0.099 (-0.131, -0.058)	-0.099 (-0.131, -0.058)	-0.099 (-0.131, -0.058)
WORLD	-0.056 (-0.074, -0.018)	-0.056 (-0.080, -0.018)	-0.059 (-0.080, -0.021)
EMERGING MKTS	-0.009 (-0.041, 0.036)	-0.009 (-0.042, 0.035)	-0.009 (-0.042, 0.037)
EAFE	-0.057 (-0.081, -0.018)	-0.057 (-0.081, -0.018)	-0.059 (-0.082, -0.019)
EUROPE	-0.048 (-0.093, -0.024)	-0.048 (-0.093, -0.024)	-0.056 (-0.093, -0.013)
PACIFIC	-0.036 (-0.075, -0.004)	-0.036 (-0.075, -0.004)	-0.038 (-0.075, -0.005)
BRICS	-0.028 (-0.054, 0.016)	-0.028 (-0.054, 0.016)	-0.029 (-0.054, 0.016)

The values in bold are those from the specification selected on the basis of the statistical significance of the deterministic terms; in brackets the corresponding confidence intervals.