Truyền dẫn từ chính sách lãi suất của ngân hàng nhà nước đến lãi suất huy động và lãi suất cho vay tại Ngân hàng Nông nghiệp và Phát triển nông thôn Việt Nam

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-Statistic	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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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-Statistic	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 )

PHỤ LỤC 07: KIỂM ĐỊNH BẤT CÂN XỨNG

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-Statis 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
R-s quared	0.970209	Mean dependent var	-0.093478
Adjus ted R-s quared	0.968106	S.D. dependent var	0.948031
S.E. of regres 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 s tat	0.376294
Wald Test: Equation: Untitled
Test Statistic	Value	df Probability
t-statistic	4.831982	85 0.0000
F-statistic	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-Statistic	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	S.D. dependent var	0.961752
S.E. of regression	0.166867	Akaike info criterion	-0.712167
Sum squared resid	2.561710	Schwarz criterion	-0.631518
Log likelihood	36.82794	Hannan-Quinn criter.	-0.679579
Durbin-Watson stat	0.148611

Wald Test: Equation: Untitled
Test Statistic	Value	df	Probability
t-statistic	2.696820	92	0.0083
F-statistic	7.272838	(1, 92)	0.0083
Chi-square	7.272838	1	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

Wald Test: Equation: Untitled
Test Statistic	Value	df	Probability
t-statistic	-3.639985	86	0.0005
F-statistic	13.24949	(1, 86)	0.0005
Chi-square	13.24949	1	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-Statistic		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		S.D. dependent var		0.829252
S.E. of regression 0.259131		Akaike info criterion		0.180935
Sum squared resid 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 Statistic Value		df Probability
t-statistic 3.476086		85 0.0008
F-statistic 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-Statistic	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	S.D. dependent var		0.801884
S.E. of regression	0.187895	Akaike info criterion		-0.443529
Sum squared resid	3.071486	Schwarz criterion		-0.280135
Log likelihood	26.62408	Hannan-Quinn criter.		-0.377555
Durbin-Watson stat	0.346832

Wald Test: Equation: Untitled
Test Statistic	Value	df	Probability
t-statistic	3.417071	87	0.0010
F-statistic	11.67637	(1, 87)	0.0010
Chi-square	11.67637	1	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-Statistic	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	S.D. dependent var	0.770761
S.E. of regression 0.142218	Akaike info criterion	-0.946436
Sum squared resid 1.557410	Schwarz criterion	-0.636769
Log likelihood 52.64317 Durbin-Watson stat 0.329934	Hannan-Quinn criter.	-0.821679
Wald Test: Equation: Untitled
Test Statistic Value	df Probability
t-statistic 2.879268	77 0.0052
F-statistic 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 Tim e: 06:07 Sam ple (adjus ted): 6 96

Included obs ervations : 91 after adjus tm ents

Variable	Coefficient	Std. Error t-Statis 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
R-s quared	0.804602	Mean dependent var	-0.076923
Adjus ted R-s quared	0.785539	S.D. dependent var	0.833349
S.E. of regres s ion	0.385923	Akaike info criterion	1.027306
Sum s quared res id	12.21282	Schwarz criterion	1.275633
Log likelihood	-37.74243	Hannan-Quinn criter.	1.127490
Durbin-Wats on s tat	1.537798
Wald Test: Equation: Untitled
Test Statistic	Value	df Probability
t-statistic	3.723547	82 0.0004
F-statistic	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 Tim e: 20:32 Sam ple (adjus ted): 6 96

Included obs ervations : 91 after adjus tm ents

Variable	Coefficient	Std. Error	t-Statis 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
R-s quared	0.973911	Mean dependent var		-0.109890
Adjus ted R-s quared	0.971366	S.D. dependent var		0.940050
S.E. of regres 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 s tat	0.428056

Wald Test: Equation: Untitled
Test Statistic	Value	df	Probability
t-statistic	4.753766	82	0.0000
F-statistic	22.59829	(1, 82)	0.0000
Chi-square	22.59829	1	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-Statistic	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	S.D. dependent var	0.936867
S.E. of regression	0.148059	Akaike info criterion	-0.930683
Sum squared resid	1.951019	Schwarz criterion	-0.795401
Log likelihood	48.74211	Hannan-Quinn criter.	-0.876039
Durbin-Watson stat	0.209986
Wald Test: Equation: Untitled
Test Statistic	Value	df Probability
t-statistic	3.583924	89 0.0006
F-statistic	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-Statistic	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	S.D. dependent var	0.932962
S.E. of regression 0.210720	Akaike info criterion	-0.224846
Sum squared resid 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 Statistic Value	df Probability
t-statistic 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

Dependent 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-Statistic	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	S.D. dependent var	0.847962
S.E. of regression	0.165046	Akaike info criterion	-0.734113
Sum squared resid	2.506103	Schwarz criterion	-0.653464
Log likelihood	37.87036	Hannan-Quinn criter.	-0.701525
Durbin-Watson stat	0.421689

Wald Test: Equation: Untitled
Test Statistic	Value	df	Probability
t-statistic	3.096672	92	0.0026
F-statistic	9.589379	(1, 92)	0.0026
Chi-square	9.589379	1	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	Coefficien	t Std. Error t-Statistic		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	S.D. dependent var		0.835458
S.E. of regression	0.169399	Akaike info criterion		-0.682046
Sum squared resid	2.640046	Schwarz criterion		-0.601397
Log likelihood	35.39717	Hannan-Quinn criter.		-0.649458
Durbin-Watson stat	0.345417
Wald Test: Equation: Untitled
Test Statistic	Value	df Probability
t-statistic	2.918692	92 0.0044
F-statistic	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-Statistic	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	S.D. dependent var	0.977434
S.E. of regression	0.304727	Akaike info criterion	0.533483
Sum squared resid	7.985822	Schwarz criterion	0.724109
Log likelihood	-17.80696	Hannan-Quinn criter.	0.610452
Durbin-Watson stat	0.633349
Wald Test: Equation: Untitled
Test Statistic	Value	df Probability
t-statistic	5.046633	86 0.0000
F-statistic	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-Statistic	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	10.58223	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	-1.280873	0.078152	-16.38956	0.0000
R-squared	0.879117	Mean dependent var		-0.101075
Adjusted R-squared	0.872170	S.D. dependent var		0.911823
S.E. of regression	0.326007	Akaike info criterion		0.658547
Sum squared resid	9.246430	Schwarz criterion		0.821941
Log likelihood	-24.62245	Hannan-Quinn criter.		0.724521
Durbin-Watson stat	0.478671

Wald Test: Equation: Untitled
Test Statistic	Value	df	Probability
t-statistic	4.998583	87	0.0000
F-statistic	24.98584	(1, 87)	0.0000
Chi-square	24.98584	1	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

PHỤ LỤC 08: Lãi suất huy độmg, lãi suất cho vay, lãi suất tái cấp vốn, lãi suất tái chiết khấu, lãi suất cơ bản 2008-2015.

THÁNG	1M	6M	12M	18M	24M	NH	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
10/2008	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
12/2008	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
10/2009	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
12/2009	10.12	10.44	10.46	10.49	10.49	10.50	10.50	6.00	8.00	8.00
01/2010	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
10/2010	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
12/2010	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
10/2011	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
12/2011	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
10/2012	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
10/2013	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

12/2013	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
10/2014	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
12/2014	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
10/2015	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
12/2015	4.00	5.50	6.00	6.50	6.80	9.00	11.00	4.50	6.50	9.00