The transmission from the interest rate policy of the State bank to the deposit and lending rates at Bank for Agriculture and Rural Development of Vietnam - 8

Dependent Variable: NH Selected Model: ARDL(3, 3) Date: 03/29/16 Time: 23:34 Sample: 1 96

Included observations: 93

Cointegrating Form

Variable

Coefficient

Std. Error

t-Statistics

Prob.

D(NH(-1))

-0.058226

0.084605

-0.688207

0.4932

D(NH(-2))

-0.074972

0.074912

-1,000807

0.3198

D(TCK)

0.597473

0.081829

7.301455

0.0000

D(TCK(-1))

0.432802

0.089393

4.841575

0.0000

D(TCK(-2))

0.151397

0.094620

1.600044

0.1133

CointEq(-1)

-0.225497

0.048824

-4.618521

0.0000

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View more 66 trang: The transmission from the interest rate policy of the State bank to the deposit and lending rates at Bank for Agriculture and Rural Development of Vietnam

Cointeq = NH - (0.7868*TCK + 6.9261 )

TDH_TCK

ARDL Cointegrating And Long Run Form Dependent Variable: TDH

Selected Model: ARDL(2, 3) Date: 03/29/16 Time: 23:35 Sample: 1 96

Included observations: 93

Cointegrating Form

Variable

Coefficient

Std. Error

t-Statistics

Prob.

D(TDH(-1))

0.076817

0.088644

0.866581

0.3886

D(TCK)

0.450366

0.079843

5.640612

0.0000

D(TCK(-1))

0.418504

0.081759

5.118743

0.0000

D(TCK(-2))

0.061953

0.088540

0.699727

0.4860

CointEq(-1)

-0.236571

0.043874

-5.392079

0.0000

Cointeq = TDH - (0.7538*TCK + 8.3272 )

ANNEX 07: Asymmetry TEST

1M_TCV

Dependent Variable: D(_1M) Method: Leas t Squares Date: 03/30/16 Time: 22:11 Sample (adjus ted): 5 96

Included obs ervations : 92 after adjus tments

Variable

Coefficient

Std. Error t-Stats tic

Prob.

D(_1M(-1))

0.179688

0.024036 7.475711

0.0000

D(_1M(-2))

-0.037891

0.023468 -1.614615

0.1101

D(_1M(-3))

-0.169548

0.021455 -7.902567

0.0000

D(TCV)

0.466418

0.025383 18.37493

0.0000

D(TCV(-1))

0.332441

0.025227 13.17774

0.0000

V1_1M

-0.844878

0.040951 -20.63162

0.0000

V2_1M

-1.105368

0.033494 -33.00189

0.0000

Rs quared

0.970209

Mean dependent var

-0.093478

Adjus ted Rs quared

0.968106

SD dependent var

0.948031

SE of regex s ion

0.169307

Akaike info criterion

-0.641170

Sum s quared res id

2.436513

Schwarz criterion

-0.449294

Log likelihood

36.49381

Hannan-Quinn criter.

-0.563727

Durbin-Wats on the clock

0.376294

   

Wald Test: Equation: Untitled

     

Test Statistic

Value

df Probability

 

t-statistics

4.831982

85 0.0000

 

F-statistics

23.34805

(1, 85) 0.0000

 

Chi-square

23.34805

1 0.0000

 

Null Hypothesis: C(6)=C(7) Null Hypothesis Summary:

 

Normalized Restriction (= 0)

Value

Std. Err.

C(6) - C(7)

0.260490

0.053910

Restrictions are linear in coefficients.

6M_TCV

Dependent Variable: D(_6M) Method: Least Squares Date: 03/30/16 Time: 22:39 Sample (adjusted): 2 96

Included observations: 95 after adjustments

Variable

Coefficient

Std. Error t-Statistics

Prob.

D(TCV)

0.670697

0.020089 33.38626

0.0000

V1_6M

-0.932166

0.034001 -27.41573

0.0000

V2_6M

-1.056119

0.030926 -34.14998

0.0000

R-squared

0.970537

Mean dependent var

-0.014105

Adjusted R-squared

0.969897

SD dependent var

0.961752

SE of regression

0.166867

Akaike info criterion

-0.712167

Sum squared residence

2.561710

Schwarz criterion

-0.631518

Log likelihood

36.82794

Hannan-Quinn criter.

-0.679579

Durbin-Watson stats

0.148611

   

Wald Test: Equation: Untitled

 

Test Statistic

Value

DF

Probability

t-statistics

2.696820

92

0.0083

F-statistics

7.272838

(1, 92)

0.0083

Chi-square

7.272838

first

0.0070

Null Hypothesis: C(2)=C(3) Null Hypothesis Summary:

   

Normalized Restriction (= 0)

Value

Std. Err.

C(2) - C(3)

0.123952

0.045962

12M_TCV

   

The transmission from the interest rate policy of the State bank to the deposit and lending rates 709

Wa ld  Test: Equation: Untitled

 

Test Statistic

Value

DF

Probability

t-statistics

-3.639985

eighty six

0.0005

F-statistics

13.24949

(1, 86)

0.0005

Chi-square

13.24949

first

0.0003

Null Hypothesis: C(5)=C(6) Null Hypothesis Summary:

   

Normalized Restriction (= 0)

Value

Std. Err.

C(5) - C(6)

-0.311680

0.085627

18M_TCV

   

Dependent Variable: D(_18M) Method: Least Squares

Date: 03/30/16 Time: 23:05 Sample (adjusted): 3 96

Included observations: 89 after adjustments

Variable Coefficient

Std. Error t-Statistics

Prob.

D(TCV) 0.409006

0.033861 12.07886

0.0000

D(TCV(-1)) 0.227355

0.034056 6.675940

0.0000

V1_18M -0.829441

0.058903 -14.08137

0.0000

V2_18M -1.135005

0.064007 -17.73253

0.0000

R-squared 0.905681

Mean dependent var

-0.050225

Adjusted R-squared 0.902352

SD dependent var

0.829252

SE of regression 0.259131

Akaike info criterion

0.180935

Sum squared residence 5.707648

Schwarz criterion

0.292784

Log likelihood -4.051623

Durbin-Watson stat 1.148564

Hannan-Quinn criter.

0.226018

Wald Test: Equation: Untitled

   

Test Statistical Value

df Probability

 

t-statistics 3.476086

85 0.0008

 

F-statistics 12.08318

(1, 85) 0.0008

 

Chi-square 12,08318

1 0.0005

 

Null Hypothesis: C(3)=C(4) Null Hypothesis Summary:

   

Normalized Restriction (= 0)

Value Std. Err.

 

C(3) - C(4)

0.305564 0.087904

 

24M_TCV

   

Dependent Variable: D(_24M) Method: Least Squares

Date: 03/31/16 Time: 05:26

Sample (adjusted): 4 96

   

Included observations: 93 after adjustments

Variable

Coefficient

Std. Error

t-Statistics

Prob.

D(_24M(-1))

-0.039896

0.032626

-1.222827

0.2247

D(TCV)

0.426518

0.026095

16.34494

0.0000

D(TCV(-1))

0.256845

0.028583

8.985846

0.0000

D(TCV(-2))

-0.078184

0.025916

-3.016881

0.0033

V1_24M

-0.934040

0.043904

-21.27474

0.0000

V2_24M

-1.158026

0.049203

-23.53545

0.0000

R-squared

0.948080

Mean dependent var

-0.033978

Adjusted R-squared

0.945096

SD dependent var

0.801884

SE of regression

0.187895

Akaike info criterion

-0.443529

Sum squared residence

3.071486

Schwarz criterion

-0.280135

Log likelihood

26.62408

Hannan-Quinn criter.

-0.377555

Durbin-Watson stats

0.346832

   

Wa ld  Test: Equation: Untitled

 

Test Statistic

Value

DF

Probability

t-statistics

3.417071

eighty seven

0.0010

F-statistics

11.67637

(1, 87)

0.0010

Chi-square

11.67637

first

0.0006

Null Hypothesis: C(5)=C(6) Null Hypothesis Summary:

   

Normalized Restriction (= 0)

Value

Std. Err.

C(5) - C(6)

0.223987

0.065549

NH_TCV

Dependent Variable: D(NH) Method: Least Squares Date: 03/31/16 Time: 05:47 Sample (adjusted): 8 96

Included observations: 88 after adjustments

Variable Coefficient

Std. Error t-Statistics

Prob.

D(NH(-1)) 0.165564

0.029285 5.653612

0.0000

D(NH(-2)) -0.050854

0.029018 -1.752478

0.0837

D(TCV) 0.464695

0.029035 16.00485

0.0000

D(TCV(-1)) 0.472194

0.032928 14.34039

0.0000

D(TCV(-2)) -0.022034

0.034784 -0.633455

0.5283

D(TCV(-3)) -0.090295

0.024442 -3.694272

0.0004

D(TCV(-4)) -0.212923

0.019945 -10.67563

0.0000

D(TCV(-5)) 0.046056

0.020881 2.205673

0.0304

D(TCV(-6)) -0.055211

0.020827 -2.650939

0.0097

V1_NH -0.892564

0.039874 -22.38472

0.0000

V2_NH -1.087860

0.054850 -19.83336

0.0000

R-squared 0.969867

Mean dependent var

-0.131818

Adjusted R-squared 0.965954

SD dependent var

0.770761

SE of regression 0.142218

Akaike info criterion

-0.946436

Sum squared residence 1.557410

Schwarz criterion

-0.636769

Log likelihood 52.64317

Durbin-Watson stat 0.329934

Hannan-Quinn criter.

-0.821679

Wa ld  Test: Equation: Untitled

   

Test Statistical Value

df Probability

 

t-statistics 2.879268

77 0.0052

 

F-statistics 8.290185

(1, 77) 0.0052

 

Chi-square 8.290185

1 0.0040

 

Null Hypothesis: C(10)=C(11) Null Hypothesis Summary:

   

Normalized Restriction (= 0)

Value Std. Err.

 

C(10) - C(11).

0.195295 0.067828

 

TDH_TCV

Dependent Variable: D(TDH) Method: Leas t Squares Date: 03/31/16 Time: 06:07 Sam ple (adjus ted): 6 96

Included obs ervations : 91 after adjus tm ents

Variable

Coefficient

Std. Error t-Stats tic

Prob.

D(TDH(-1))

0.126128

0.071256 1.770064

0.0804

D(TDH(-2))

-0.001493

0.061634 -0.024218

0.9807

D(TCV)

0.480824

0.077417 6.210814

0.0000

D(TCV(-1))

0.349542

0.063883 5.471553

0.0000

D(TCV(-2))

0.015915

0.064519 0.246674

0.8058

D(TCV(-3))

-0.145183

0.059503 -2.439930

0.0168

D(TCV(-4))

-0.061928

0.052361 -1.182699

0.2403

V1_TDH

-0.480451

0.104098 -4.615375

0.0000

V2_TDH

-1.103031

0.122319 -9.017627

0.0000

Rs quared

0.804602

Mean dependent var

-0.076923

Adjus ted Rs quared

0.785539

SD dependent var

0.833349

SE of regex s ion

0.385923

Akaike info criterion

1.027306

Sum s quared res id

12.12282

Schwarz criterion

1.275633

Log likelihood

-37.74243

Hannan-Quinn criter.

1.127490

Durbin-Wats on the clock

1.537798

   

Wald Test: Equation: Untitled

     

Test Statistic

Value

df Probability

 

t-statistics

3.723547

82 0.0004

 

F-statistics

13.86480

(1, 82) 0.0004

 

Chi-square

13.86480

1 0.0002

 

Null Hypothesis: C(8)=C(9) Null Hypothesis Summary:

 

Normalized Restriction (= 0)

Value

Std. Err.

C(8) - C(9)

0.622580

0.167201

1M_TCK

Dependent Variable: D(_1M) Method: Leas t Squares Date: 03/31/16 Time: 20:32 Sam ple (adjus ted): 6 96

Included obs ervations : 91 after adjus tm ents

Variable

Coefficient

Std. Error

t-Stats tic

Prob.

D(_1M(-1))

0.214774

0.023243

9.240512

0.0000

D(_1M(-2))

0.025805

0.023701

1.088764

0.2794

D(_1M(-3))

-0.160378

0.024727

-6.485858

0.0000

D(_1M(-4))

-0.036967

0.022596

-1.635948

0.1057

D(TCK)

0.401107

0.026792

14,97092

0.0000

D(TCK(-1))

0.278639

0.024853

11.21149

0.0000

D(TCK(-2))

-0.015551

0.021827

-0.712437

0.4782

V1_1M_TCK

-0.846777

0.038841

-21.80085

0.0000

V2_1M_TCK

-1.090407

0.031175

-34.97722

0.0000

Rs quared

0.973911

Mean dependent var

-0.109890

Adjus ted Rs quared

0.971366

SD dependent var

0.940050

SE of regex s ion

0.159072

Akaike info criterion

-0.745260

Sum s quared res id

2.074915

Schwarz criterion

-0.496933

Log likelihood

42,90934

Hannan-Quinn criter.

-0.645076

Durbin-Wats on the clock

0.428056

   

Wa ld  Test: Equation: Untitled

 

Test Statistic

Value

DF

Probability

t-statistics

4.753766

82

0.0000

F-statistics

22.59829

(1, 82)

0.0000

Chi-square

22.59829

first

0.0000

Null Hypothesis: C(8)=C(9) Null Hypothesis Summary:

   

Normalized Restriction (= 0)

Value

Std. Err.

C(8) - C(9)

0.243630

0.051250

6M_TCK

Dependent Variable: D(_6M) Method: Least Squares Date: 03/31/16 Time: 20:51 Sample (adjusted): 3 96

Included observations: 94 after adjustments

Variable

Coefficient

Std. Error t-Statistics

Prob.

D(_6M(-1))

-0.018789

0.021385 -0.878601

0.3820

D(TCK)

0.552356

0.019609 28.16839

0.0000

D(TCK(-1))

-0.027614

0.020320 -1.358960

0.1776

V1_6M_TCK

-0.933574

0.033864 -27.56812

0.0000

V2_6M_TCK

-1.075892

0.026611 -40.43064

0.0000

R-squared

0.976099

Mean dependent var

-0.038511

Adjusted R-squared

0.975024

SD dependent var

0.936867

SE of regression

0.148059

Akaike info criterion

-0.930683

Sum squared residence

1.951019

Schwarz criterion

-0.795401

Log likelihood

48,74211

Hannan-Quinn criter.

-0.876039

Durbin-Watson stats

0.209986

   

Wald Test: Equation: Untitled

     

Test Statistic

Value

df Probability

 

t-statistics

3.583924

89 0.0006

 

F-statistics

12.84451

(1, 89) 0.0006

 

Chi-square

12.84451

1 0.0003

 

Null Hypothesis: C(4)=C(5) Null Hypothesis Summary:

 

Normalized Restriction (= 0)

Value

Std. Err.

C(4) - C(5)

12M_TCK

0.142318

0.039710

Dependent Variable: D(_12M) Method: Least Squares

Date: 03/31/16 Time: 21:09 Sample (adjusted): 3 96

Included observations: 94 after adjustments

Variable Coefficien

t Std. Error t-Statistics

Prob.

D(_12M(-1)) -0.046396

0.029029 -1.598297

0.1135

D(TCK) 0.616985

0.025262 24.42372

0.0000

D(TCK(-1)) 0.007406

0.031075 0.238343

0.8122

V1_12M_TCK -0.909395

0.049536 -18.35834

0.0000

V2_12M_TCK -1.052043

0.040523 -25.96145

0.0000

R-squared 0.951181

Mean dependent var

-0.040851

Adjusted R-squared 0.948987

SD dependent var

0.932962

SE of regression 0.210720

Akaike info criterion

-0.224846

Sum squared residence 3.951869

Schwarz criterion

-0.089564

Log likelihood 15.56776

Durbin-Watson stat 0.907435

Hannan-Quinn criter.

-0.170202

Wald Test: Equation: Untitled

   

Test Statistical Value

df Probability

 

t-statistics 2.360910

89 0.0204

 

F-statistic 5.573894

(1, 89) 0.0204

 

Chi-square 5.573894

1 0.0182

 

Null Hypothesis: C(4)=C(5) Null Hypothesis Summary:

   

Normalized Restriction (= 0)

Value Std. Err.

 

C(4) - C(5)

0.142648 0.060421

 

18M_TCK

De pe ndent Variable: D(_18M) Method: Least Squares

Date: 03/31/16 Time: 22:05 Sample (adjusted): 2 96

Included observations: 95 after adjustments

Variable

Coefficient

Std. Error t-Statistics

Prob.

D(TCK)

0.445718

0.018240 24.43646

0.0000

V1_18M_TCK

-0.930641

0.032572 -28.57192

0.0000

V2_18M_TCK

-1.077449

0.034423 -31.30029

0.0000

R-squared

0.962922

Mean dependent var

-0.009895

Adjusted R-squared

0.962116

SD dependent var

0.847962

SE of regression

0.165046

Akaike info criterion

-0.734113

Sum squared residence

2.506103

Schwarz criterion

-0.653464

Log likelihood

37.87036

Hannan-Quinn criter.

-0.701525

Durbin-Watson stats

0.421689

   

Wald Test: Equation: Untitled

 

Test Statistic

Value

DF

Probability

t-statistics

3.096672

92

0.0026

F-statistics

9.589379

(1, 92)

0.0026

Chi-square

9.589379

first

0.0020

Null Hypothesis: C(2)=C(3) Null Hypothesis Summary:

   

Normalized Restriction (= 0)

Value

Std. Err.

C(2) - C(3)

0.146808

0.047408

24M_TCK

   

Dependent Variable: D(_24M) Method: Least Squares

Date: 03/31/16 Time: 22:23

Sample (adjusted): 2 96

   

Included observations: 95 after adjustments

Variable

Coefficen

t Std. Error t-Statistics

Prob.

D(TCK)

0.440508

0.018721 23.53042

0.0000

V1_24M_TCK

-0.932544

0.033839 -27.55795

0.0000

V2_24M_TCK

-1.077267

0.036219 -29.74353

0.0000

R-squared

0.959762

Mean dependent var

-0.006737

Adjusted R-squared

0.958887

SD dependent var

0.835458

SE of regression

0.169399

Akaike info criterion

-0.682046

Sum squared residence

2.640046

Schwarz criterion

-0.601397

Log likelihood

35.39717

Hannan-Quinn criter.

-0.649458

Durbin-Watson stats

0.345417

   

Wald Test: Equation: Untitled

     

Test Statistic

Value

df Probability

 

t-statistics

2.918692

92 0.0044

 

F-statistics

8.518761

(1, 92) 0.0044

 

Chi-square

8.518761

1 0.0035

 

Null Hypothesis: C(2)=C(3) Null Hypothesis Summary:

     

Normalized Restriction (= 0)

Value

Std. Err.

 

C(2) - C(3)

0.144724

0.049585

 

NH_TCK

Dependent Variable: D(NH) Method: Least Squares Date: 04/01/16 Time: 23:02 Sample (adjusted): 4 96

Included observations: 93 after adjustments

Variable

Coefficient

Std. Error t-Statistics

Prob.

D(NH(-1))

-0.106311

0.039241 -2.709196

0.0081

D(NH(-2))

-0.178073

0.033055 -5.387228

0.0000

D(TCK)

0.546253

0.037939 14.39811

0.0000

D(TCK(-1))

0.400814

0.042144 9.510662

0.0000

D(TCK(-2))

0.094486

0.044438 2.126227

0.0364

V1_NH_TCK

-0.742456

0.070427 -10.54220

0.0000

V2_NH_TCK

-1.268752

0.075165 -16.87960

0.0000

R-squared

0.909143

Mean dependent var

-0.109677

Adjusted R-squared

0.902805

SD dependent var

0.977434

SE of regression

0.304727

Akaike info criterion

0.533483

Sum squared residence

7.985822

Schwarz criterion

0.724109

Log likelihood

-17.80696

Hannan-Quinn criter.

0.610452

Durbin-Watson stats

0.633349

   

Wald Test: Equation: Untitled

     

Test Statistic

Value

df Probability

 

t-statistics

5.046633

86 0.0000

 

F-statistics

25.46851

(1, 86) 0.0000

 

Chi-square

25.46851

1 0.0000

 

Null Hypothesis: C(6)=C(7) Null Hypothesis Summary:

 

Normalized Restriction (= 0)

Value

Std. Err.

C(6) - C(7)

0.526296

0.104287

TDH_TCK

Dependent Variable: D(TDH) Method: Least Squares Date: 03/31/16 Time: 23:22 Sample (adjusted): 4 96

Included observations: 93 after adjustments

Variable

Coefficient

Std. Error

t-Statistics

Prob.

D(TDH(-1))

-0.008266

0.044365

-0.186311

0.8526

D(TCK)

0.321751

0.038959

8.258667

0.0000

D(TCK(-1))

0.440370

0.041614

10.5823

0.0000

D(TCK(-2))

-0.020323

0.044255

-0.459226

0.6472

V1_TDH_TCK

-0.733671

0.076087

-9.642588

0.0000

V2_TDH_TCK

-1.20873

0.078152

-16.38956

0.0000

R-squared

0.879117

Mean dependent var

-0.101075

Adjusted R-squared

0.872170

SD dependent var

0.911823

SE of regression

0.326007

Akaike info criterion

0.658547

Sum squared residence

9.246430

Schwarz criterion

0.821941

Log likelihood

-24.62245

Hannan-Quinn criter.

0.724521

Durbin-Watson stats

0.478671

   

Wald Test: Equation: Untitled

 

Test Statistic

Value

DF

Probability

t-statistics

4.998583

eighty seven

0.0000

F-statistics

24,98584

(1, 87)

0.0000

Chi-square

24,98584

first

0.0000

Null Hypothesis: C(5)=C(6) Null Hypothesis Summary:

   

Normalized Restriction (= 0)

Value

Std. Err.

C(5) - C(6)

0.547202

0.109471

APPENDIX 08: Deposit interest ratelending interest rate, refinancing interest rate, rediscount interest rate, basic interest rate 2008-2015.

MONTH

1M

6M

12M

18M

24M

SMALL

TDH

TCK

TCV

LSCB

01/2008

5.00

6.84

7.32

7.44

7.44

10.02

12.00

4.50

7.50

8.25

02/2008

8.64

9.12

9.84

9.96

9.96

15.00

16.80

6.00

7.50

8.75

03/2008

11.04

11.16

11.04

9.96

9.96

19.20

20.40

6.00

7.50

8.75

04/2008

12.60

12.60

13.20

12.00

12.00

15.00

16.80

6.00

7.50

8.75

05/2008

14.00

14.00

14.00

14.00

14.00

18.00

18.00

11.00

13.00

12.00

06/2008

15.50

17.00

17.50

15.00

15.00

21.00

21.00

13.00

15.00

14.00

07/2008

17.50

17.50

17.50

17.50

17.50

21.00

21.00

13.00

15.00

14.00

08/2008

17.50

17.50

17.50

17.50

17.50

21.00

21.00

13.00

15.00

14.00

09/2008

16.80

17.30

17.00

15.00

15.00

19.50

19.50

13.00

15.00

14.00

October 2008

16.80

17.20

16.20

12.84

12.60

18.50

19.50

12.00

14.00

13.00

11/2008

11.00

12.50

13.50

10.92

10.80

16.00

16.50

10.00

12.00

11.00

December 2008

6.96

7.80

7.80

7.80

7.80

12.75

12.75

7.50

9.50

8.50

01/2009

6.24

7.32

7.58

7.68

7.80

10.44

10.50

7.50

9.50

8.50

02/2009

6.60

7.32

7.56

7.68

7.80

10.44

10.50

6.00

8.00

7.00

03/2009

6.84

7.44

7.80

7.80

7.80

10.44

10.50

6.00

8.00

7.00

04/2009

6.96

7.68

8.04

8.04

8.16

10.44

10.50

5.00

7.00

7.00

05/2009

6.96

7.68

8.04

8.04

8.16

10.44

10.50

5.00

7.00

7.00

06/2009

6.96

7.68

8.04

8.04

8.16

10.44

10.50

5.00

7.00

7.00

07/2009

7.32

8.04

8.40

8.40

8.52

10.44

10.50

5.00

7.00

7.00

08/2009

7.44

8.28

8.52

8.52

8.64

10.44

10.50

5.00

7.00

7.00

09/2009

7.80

8.52

8.76

8.76

8.88

10.44

10.50

5.00

7.00

7.00

October 2009

8.28

8.76

9.12

9.12

9.50

10.50

10.50

5.00

7.00

7.00

11/2009

9.60

9.90

9.96

9.96

9.96

10.50

10.50

5.00

7.00

7.00

December 2009

10.12

10.44

10.46

10.49

10.49

10.50

10.50

6.00

8.00

8.00

January 2010

10.49

10.49

10.49

10.49

10.49

10.50

10.50

6.00

8.00

8.00

02/2010

10.49

10.49

10.49

10.49

10.49

12.00

12.00

6.00

8.00

8.00

03/2010

10.49

10.49

10.49

10.49

10.49

12.00

12.00

6.00

8.00

8.00

04/2010

10.80

11.50

11.30

11.00

11.00

13.00

14.00

6.00

8.00

8.00

05/2010

11.00

11.50

11.50

11.50

11.00

13.92

14.50

6.00

8.00

8.00

06/2010

11.00

11.50

11.50

11.50

11.00

13.20

14.70

6.00

8.00

8.00

07/2010

11.00

11.20

11.20

10.50

10.50

13.10

14.65

6.00

8.00

8.00

08/2010

10.80

11.00

11.00

10.50

10.50

13.10

14.65

6.00

8.00

8.00

09/2010

10.80

11.00

11.00

11.00

11.00

13.08

14.60

6.00

8.00

8.00

October 2010

11.60

12.00

11.00

11.00

11.00

13.08

14.60

6.00

8.00

8.00

11/2010

11.60

12.00

12.00

12.00

12.00

15.25

16.80

7.00

9.00

9.00

December 2010

14.00

12.00

12.00

12.00

12.00

16.80

17.88

7.00

9.00

9.00

01/2011

14.00

12.00

12.00

12.00

12.00

16.80

17.88

7.00

9.00

9.00

02/2011

14.00

14.00

12.00

12.00

12.00

16.80

17.88

7.00

11.00

9.00

03/2011

14.00

14.00

14.00

12.00

12.00

17.60

18.00

12.00

12.00

9.00

04/2011

14.00

14.00

14.00

12.00

12.00

18.50

19.00

12.00

13.00

9.00

05/2011

14.00

14.00

14.00

12.00

12.00

19.50

20.00

13.00

14.00

9.00

06/2011

14.00

14.00

14.00

12.00

12.00

19.50

20.00

13.00

14.00

9.00

07/2011

14.00

14.00

14.00

12.00

12.00

19.20

19.80

13.00

14.00

9.00

08/2011

14.00

14.00

14.00

12.00

12.00

18.00

19.00

13.00

14.00

9.00

09/2011

14.00

14.00

14.00

12.00

12.00

18.00

19.00

13.00

14.00

9.00

October 2011

14.00

14.00

14.00

12.00

12.00

18.00

19.00

12.00

15.00

9.00

11/2011

14.00

14.00

14.00

12.00

12.00

17.60

18.00

12.00

15.00

9.00

December 2011

14.00

14.00

14.00

12.00

12.00

17.00

18.00

12.00

14.00

9.00

01/2012

14.00

14.00

14.00

12.00

12.00

17.00

18.00

12.00

15.00

9.00

02/2012

14.00

14.00

14.00

14.00

14.00

17.00

17.80

12.00

15.00

9.00

03/2012

13.00

13.00

13.00

13.00

13.00

17.00

17.80

12.00

14.00

9.00

04/2012

12.00

12.00

12.00

12.00

12.00

15.80

16.50

11.00

13.00

9.00

05/2012

11.00

11.00

11.00

10.50

10.50

13.50

15.00

10.00

12.00

9.00

06/2012

9.00

9.00

10.50

10.00

10.00

13.50

15.00

9.00

11.00

9.00

07/2012

9.00

9.00

10.50

10.00

10.00

13.50

15.00

8.00

10.00

9.00

08/2012

9.00

9.00

9.50

9.50

9.50

13.50

15.00

8.00

10.00

9.00

09/2012

9.00

9.00

9.20

9.20

9.20

13.00

14.50

8.00

10.00

9.00

October 2012

9.00

9.00

10.50

10.00

10.00

13.00

14.50

8.00

10.00

9.00

11/2012

9.00

9.00

10.50

10.00

10.00

13.00

14.50

8.00

10.00

9.00

12/2012

8.00

8.00

10.50

10.00

10.00

13.00

14.50

7.00

9.00

8.00

01/2013

8.00

8.00

9.80

10.00

10.00

11.20

13.20

7.00

9.00

8.00

02/2013

8.00

8.00

9.80

10.00

10.00

11.20

13.20

7.00

9.00

8.00

03/2013

7.50

7.50

9.50

9.50

9.50

11.20

13.20

6.00

8.00

9.00

04/2013

7.30

7.50

9.50

9.50

9.50

11.20

13.20

6.00

8.00

9.00

05/2013

6.00

7.00

8.00

7.50

7.50

10.70

12.70

5.00

7.00

9.00

06/2013

6.00

7.00

8.00

7.50

7.50

10.70

12.70

5.00

7.00

9.00

07/2013

5.00

7.00

7.00

7.50

7.50

10.70

12.40

5.00

7.00

9.00

08/2013

5.00

7.00

7.00

7.50

7.50

10.50

12.00

5.00

7.00

9.00

09/2013

5.00

7.00

7.00

7.50

7.50

10.50

12.00

5.00

7.00

9.00

October 2013

5.00

7.00

7.00

7.50

7.50

10.50

12.00

5.00

7.00

9.00

11/2013

5.00

7.00

7.00

7.50

7.50

10.50

12.00

5.00

7.00

9.00

December 2013

5.00

7.00

7.00

7.50

7.50

10.50

12.00

5.00

7.00

9.00

01/2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

02/2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

03/2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

04/2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

05/2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

06/2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

07/2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

08/2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

09/2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

October 2014

6.00

7.56

8.28

8.52

8.40

10.02

12.00

5.00

7.00

9.00

11/2014

5.00

6.84

7.32

7.44

7.44

10.02

12.00

5.00

7.00

9.00

December 2014

5.00

6.84

7.32

7.44

7.44

10.02

12.00

4.50

6.50

9.00

01/2015

4.00

5.30

6.00

6.30

6.50

10.00

11.00

4.50

6.50

9.00

02/2015

4.00

5.30

6.00

6.30

6.50

10.00

11.00

4.50

6.50

9.00

03/2015

4.00

5.30

6.00

6.20

6.30

10.00

11.00

4.50

6.50

9.00

04/2015

4.00

5.30

6.00

6.20

6.30

10.00

11.00

4.50

6.50

9.00

05/2015

4.00

5.30

6.00

6.20

6.30

10.00

11.00

4.50

6.50

9.00

06/2015

4.00

5.50

6.00

6.50

6.80

10.00

11.00

4.50

6.50

9.00

07/2015

4.00

5.50

6.00

6.50

6.80

10.00

11.00

4.50

6.50

9.00

08/2015

4.00

5.50

6.00

6.50

6.80

10.00

11.00

4.50

6.50

9.00

09/2015

4.00

5.50

6.00

6.50

6.80

9.00

11.00

4.50

6.50

9.00

October 2015

4.00

5.50

6.00

6.50

6.80

9.00

11.00

4.50

6.50

9.00

11/2015

4.00

5.50

6.00

6.50

6.80

9.00

11.00

4.50

6.50

9.00

December 2015

4.00

5.50

6.00

6.50

6.80

9.00

11.00

4.50

6.50

9.00

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