Evaluation of Hot Money Drivers in China: A Structural VAR Approach

Table 5

Forecast error variance decomposition.

Step	P	Y	DAR	EER	HM
1	0.0043	0.0074	0.0059	0.0875	0.8949
6	0.0054	0.0508	0.0132	0.0918	0.8388
12	0.0079	0.0560	0.0132	0.0912	0.8317
18	0.0095	0.0585	0.0132	0.0908	0.8281
24	0.0104	0.0598	0.0131	0.0906	0.8260