The Scottish Government

RFTWAGE_

Ratio of real average full time wages at housing region level to real average full time wages at national level

RPTWAGE_

Ratio of real average part time wages at housing region level to real average part time wages at national level

RDEGREE_

Ratio of percentage of population with degrees across housing region to percentage of population with degrees at national level

DDEGREE_

Percentage of population with degrees across housing region. D denotes differenced

RNOQUAL_

Ratio of percentage of population with no qualifications across housing region to percentage of population with no qualifications at national level

DNOQUAL_

Percentage of population with no qualifications across housing region, differenced

DFD_

Percentage of female population in housing region with dependents, differenced

RFD_

Ratio of percentage of female population in housing region with dependents to percentage of female population at national level with dependents

RFIN_

Ratio of percentage of employed workforce in financial and business services industries in housing region to percentage of employed workforce in financial and business services industries at Scottish level

DFIN_

Percentage of employed workforce in financial and business services industries in housing region. D denotes differenced.

RPROD_

Ratio of percentage of employed workforce in production industries in housing region to percentage of employed workforce in production industries at Scottish level

RPUB

Ratio of percentage of employed workforce in public service industries in housing region to percentage of employed workforce in production industries at Scottish level

DLNNETGS

Net trade in Goods and Services (real prices), differenced and in natural logs

DLNRAVEREX

Real average rate of exchange for $ to £. Ratio of USGDP to UKGDP used to estimate real exchange rate.

DLNTOURISM

Number of international visitors to UK, differences and in natural logs

DMINWAGE

Minimum wage, differenced

DBASICTAX

Basic rate of taxation, differenced

UU_

Unemployment rate across housing market region

RU_

Ratio of housing region unemployment rate to national unemployment rate

SCOTU

Unemployment rate across Scotland

DPARTRATE

Rate of participation in the labour market across housing market region. D denotes differenced.

UCC_; DUCC_

Real User Cost of Capital across housing region

D denotes differences.

Dependent Variable: RFTWAGE_ ABER

Sample(adjusted): 1994 2007

Variable

Coefficient

INTERCEPT

0.42039**

(0.15026)

0.037067- UU_ ABER

-2.14529

(1.45155)

RDEGREE_ ABER

0.221977***

(0.04764)

RPROD_ ABER

0.364589**

(0.10914)

DLNNETGS

-0.18974**

(0.07491)

DLNRAVEREX

-0.22058**

(0.08074)

BASIC DIAGNOSTICS

R-squared

0.70297

Mean dependent var

1.12725

Adjusted R-squared

0.517327

S.D. dependent var

0.036256

S.E. of regression

0.025189

Akaike info criterion

-4.2273

Sum squared resid

0.005076

Schwarz criterion

-3.95342

Log likelihood

35.59108

F-statistic

3.786668

Durbin-Watson stat

2.187908

Prob(F-statistic)

0.046825

Dependent Variable: RPTWAGE_ ABER

Sample(adjusted): 1998 2007

Variable

Coefficient

INTERCEPT

-0.00622

(0.241873)

0.037067- UU_ ABER

-3.62861**

(0.904277)

RFD_ ABER

1.123347**

(0.265387)

DMINWAGE

0.071901***

(0.008346)

DNOQUAL_ ABER

0.00989*

(0.003883)

DDEGREE_ ABER

-0.00783*

(0.003059)

AR(4)

-0.89306**

(0.173095)

BASIC DIAGNOSTICS

R-squared

0.952431

Mean dependent var

1.038258

Adjusted R-squared

0.857292

S.D. dependent var

0.079938

S.E. of regression

0.030198

Akaike info criterion

-3.96605

Sum squared resid

0.002736

Schwarz criterion

-3.75424

Log likelihood

26.83027

F-statistic

10.01101

Durbin-Watson stat

1.955072

Prob(F-statistic)

0.042844

Dependent Variable: RFTWAGE_ AYR

Sample: 1993 2007

Variable

Coefficient

INTERCEPT

0.907229***

0.141741

SCOTU- UU_ AYR

-1.98471

1.100484

RDEGREE_ AYR

0.295605***

0.075957

RPUB_ AYR

-0.22222*

0.109628

DLNTOURISM

0.589388**

0.238317

BASIC DIAGNOSTICS

R-squared

0.809462

Mean dependent var

0.968233

Adjusted R-squared

0.733247

S.D. dependent var

0.056737

S.E. of regression

0.029303

Akaike info criterion

-3.96103

Sum squared resid

0.008587

Schwarz criterion

-3.72501

Log likelihood

34.70771

F-statistic

10.62077

Durbin-Watson stat

2.106841

Prob(F-statistic)

0.001268

Dependent Variable: RPTWAGE_ AYR

Sample(adjusted): 1994 2007

Variable

Coefficient

intercept

1.930673***

0.303148

RU_ AYR

-0.13189

0.094168

RDEGREE_ AYR

-0.62004***

0.124646

RNOQUAL_ AYR

-0.28183

0.176858

DMINWAGE

-0.04694***

0.00631

BASIC DIAGNOSTICS

R-squared

0.558117

Mean dependent var

0.944726

Adjusted R-squared

0.361725

S.D. dependent var

0.097307

S.E. of regression

0.077741

Akaike info criterion

-1.99842

Sum squared resid

0.054393

Schwarz criterion

-1.77018

Log likelihood

18.98891

F-statistic

2.841851

Durbin-Watson stat

1.90003

Prob(F-statistic)

0.088997

Dependent Variable: RFTWAGE_ BOR

Sample(adjusted): 1994 2007

Variable

Coefficient

INTERCEPT

-0.39553**

(0.114458)

0.0414670- UU_ BOR

-2.72***

(0.411826)

DDEGREE_ BOR

-0.04072***

(0.002387)

RPUB_ BOR

1.312352***

(0.117244)

DNOQUAL_ BOR

-0.03729***

(0.003157)

DLNTOURISM

0.697612***

(0.147945)

DFIN_ BOR

0.003971**

(0.001619)

MA(3)

-0.97015***

(0.000458)

BASIC DIAGNOSTICS

R-squared

0.933199

Mean dependent var

0.865843

Adjusted R-squared

0.855265

S.D. dependent var

0.060166

S.E. of regression

0.022889

Akaike info criterion

-4.42073

Sum squared resid

0.003144

Schwarz criterion

-4.05555

Log likelihood

38.94509

F-statistic

11.97421

Durbin-Watson stat

1.76145

Prob(F-statistic)

0.003786

Dependent Variable: RPTWAGE_ BOR

Sample(adjusted): 1996 2007

Variable

Coefficient

INTERCEPT

1.061099***

(0.075356)

0.041467- UU_ BOR

-1.2875*

(0.602667)

DMINWAGE

-0.04752***

(0.010434)

DBASICTAX

13.34679***

(2.700299)

RNOQUAL_ BOR

-0.10233

(0.075605)

AR(2)

-0.76902***

(0.089433)

BASIC DIAGNOSTICS

R-squared

0.939684

Mean dependent var

0.888036

Adjusted R-squared

0.88942

S.D. dependent var

0.097274

S.E. of regression

0.032347

Akaike info criterion

-3.71774

Sum squared resid

0.006278

Schwarz criterion

-3.47529

Log likelihood

28.30645

F-statistic

18.69513

Durbin-Watson stat

2.360927

Prob(F-statistic)

0.001344

Dependent Variable: RFTWAGE_ DUN

Sample(adjusted): 1996 2007

Variable

Coefficient

INTERCEPT

0.084283

(0.101638)

0.060067- UU_ DUN

-1.44852***

(0.323755)

RPROD_ DUN

0.612935***

(0.088392)

RDEGREE_ DUN

0.276816***

(0.029759)

DRAVEREX

0.528481***

(0.069618)

AR(2)

-0.55313**

(0.186433)

BASIC DIAGNOSTICS

R-squared

0.925934

Mean dependent var

0.94349

Adjusted R-squared

0.864212

S.D. dependent var

0.03809

S.E. of regression

0.014036

Akaike info criterion

-5.38755

Sum squared resid

0.001182

Schwarz criterion

-5.1451

Log likelihood

38.32529

F-statistic

15.00171

Durbin-Watson stat

2.054731

Prob(F-statistic)

0.002448

Dependent Variable: RPTWAGE_ DUN

Sample(adjusted): 1995 2007

Variable

Coefficient

INTERCEPT

1.862963***

(0.115366)

0.060067- UU_ DUN

2.512074***

(0.429558)

RFD_ DUN

-0.74716***

(0.114508)

DNOQUAL_ DUN

0.01173**

(0.003789)

RDEGREE_ DUN

-0.19081***

(0.043777)

AR(1)

-0.96539***

(0.1546)

BASIC DIAGNOSTICS

R-squared

0.903814

Mean dependent var

0.967733

Adjusted R-squared

0.807629

S.D. dependent var

0.082982

S.E. of regression

0.036396

Akaike info criterion

-3.48497

Sum squared resid

0.007948

Schwarz criterion

-3.18077

Log likelihood

29.65232

F-statistic

9.396568

Durbin-Watson stat

1.611267

Prob(F-statistic)

0.007664

Dependent Variable: RFTWAGE_ EDIN

Sample(adjusted): 1998 2007

Variable

Coefficient

INTERCEPT

0.653319***

0.066625

RU_ EDIN

-0.06491**

0.015956

RFIN_ EDIN

0.070077**

0.024981

RPUB_ EDIN

0.340169***

0.055622

DDEGREE_ EDIN

-0.00602***

0.000914

AR(4)

-0.55228***

0.078088

BASIC DIAGNOSTICS

R-squared

0.98094

Mean dependent var

1.040146

Adjusted R-squared

0.957114

S.D. dependent var

0.021637

S.E. of regression

0.004481

Akaike info criterion

-7.69433

Sum squared resid

8.03E-05

Schwarz criterion

-7.51278

Log likelihood

44.47164

F-statistic

41.17211

Durbin-Watson stat

1.606936

Prob(F-statistic)

0.001559

Dependent Variable: RPTWAGE_ EDIN

Sample(adjusted): 1998 2007

Variable

Coefficient

INTERCEPT

1.274872***

(0.092897)

0.048867- UU_ EDIN

-0.70213*

(0.305375)

RFD_ EDIN

-0.26167*

(0.097102)

DNOQUAL_ EDIN

-0.00831***

(0.001327)

DDEGREE_ EDIN

0.006523**

(0.001527)

AR(4)

-0.72472***

(0.148691)

BASIC DIAGNOSTICS

R-squared

0.951123

Mean dependent var

1.02183

Adjusted R-squared

0.890028

S.D. dependent var

0.022626

S.E. of regression

0.007503

Akaike info criterion

-6.66328

Sum squared resid

0.000225

Schwarz criterion

-6.48173

Log likelihood

39.3164

F-statistic

15.56774

Durbin-Watson stat

1.888919

Prob(F-statistic)

0.009945

Dependent Variable: RFTWAGE_ GLAS

Sample(adjusted): 1994 2006

Variable

Coefficient

INTERCEPT

0.955342***

(0.011541)

SCTOTU- UU_ GLAS

-1.61013

(1.412613)

DNOQUAL_ GLAS

0.009418***

(0.002218)

DDEGREE_ GLAS

0.010857*

(0.005005)

UCC_ GLAS

0.211711**

(0.078022)

DLNRP_ GLAS

0.129998

(0.072656)

BASIC DIAGNOSTICS

R-squared

0.729354

Mean dependent var

0.990345

Adjusted R-squared

0.536036

S.D. dependent var

0.020301

S.E. of regression

0.013828

Akaike info criterion

-5.42018

Sum squared resid

0.001339

Schwarz criterion

-5.15944

Log likelihood

41.23118

F-statistic

3.77281

Durbin-Watson stat

2.065188

Prob(F-statistic)

0.056225

Dependent Variable: RPTWAGE_ GLAS

Sample(adjusted): 1997 2007

Variable

Coefficient

INTERCEPT

-0.973**

(0.171692)

RU_ GLAS

-0.16784***

(0.022225)

RNOQUAL_ GLAS

0.536392***

(0.057698)

RFD_ GLAS

1.064085***

(0.078535)

RPROD_ GLAS

0.456031***

(0.074024)

DBASICTAX

6.595932***

(0.472408)

AR(3)

-0.83622***

(0.121137)

MA(5)

-0.95064***

(0.000167)

BASIC DIAGNOSTICS

R-squared

0.995058

Mean dependent var

1.021085

Adjusted R-squared

0.983526

S.D. dependent var

0.028405

S.E. of regression

0.003646

Akaike info criterion

-8.23518

Sum squared resid

3.99E-05

Schwarz criterion

-7.94581

Log likelihood

53.29351

F-statistic

86.28757

Durbin-Watson stat

2.155768

Prob(F-statistic)

0.001874

Dependent Variable: RFTWAGE_ HIGH

Sample(adjusted): 1995 2007

Variable

Coefficient

INTERCEPT

1.021908***

(0.16011)

RU_ HIGH

-0.09811

(0.052027)

RDEGREE_ HIGH

0.248321***

(0.065431)

RPROD_ HIGH

0.210116**

(0.073168)

DLNTOURISM

0.398177***

(0.097138)

RPITY_ HIGH

-0.64082**

(0.193442)

AR(2)

-0.62655**

(0.238763)

BASIC DIAGNOSTICS

R-squared

0.802168

Mean dependent var

0.956353

Adjusted R-squared

0.604336

S.D. dependent var

0.029503

S.E. of regression

0.018558

Akaike info criterion

-4.83212

Sum squared resid

0.002066

Schwarz criterion

-4.52791

Log likelihood

38.40875

F-statistic

4.054798

Durbin-Watson stat

2.163244

Prob(F-statistic)

0.056268

Dependent Variable: RPTWAGE_ HIGH

Sample(adjusted): 1997 2007

Variable

Coefficient

INTERCEPT

0.582266***

(0.13703)

0.045667- UU_ HIGH

1.845813

(1.23232)

RFD_ HIGH

0.33667*

(0.127452)

NOQUAL_ HIGH

0.019708*

(0.008318)

DEGREE_ HIGH

0.021233***

(0.00437)

AR(3)

0.455281*

(0.176795)

BASIC DIAGNOSTICS

R-squared

0.865437

Mean dependent var

0.956623

Adjusted R-squared

0.730873

S.D. dependent var

0.057277

S.E. of regression

0.029714

Akaike info criterion

-3.89195

Sum squared resid

0.004415

Schwarz criterion

-3.67492

Log likelihood

27.40573

F-statistic

6.431437

Durbin-Watson stat

2.517755

Prob(F-statistic)

0.03102

Dependent Variable: RFTWAGE_ STIR

Sample: 1993 2007

Variable

Coefficient

INTERCEPT

0.792513***

(0.093188)

RU_ STIR

-0.22198***

(0.052249)

RDEGREE_ STIR

0.427152***

(0.056324)

DLNTOURISM

-0.93955***

(0.162623)

RFIN_ STIR

0.081181

(0.053343)

MA(2)

-0.97999***

(0.000385)

BASIC DIAGNOSTICS

R-squared

0.846926

Mean dependent var

1.008021

Adjusted R-squared

0.761885

S.D. dependent var

0.060272

S.E. of regression

0.029411

Akaike info criterion

-3.92571

Sum squared resid

0.007785

Schwarz criterion

-3.64249

Log likelihood

35.44282

F-statistic

9.959026

Durbin-Watson stat

1.635091

Prob(F-statistic)

0.001819

Dependent Variable: RFTWAGE_ STIR

Sample: 1993 2007

Variable

Coefficient

INTERCEPT

1.359325***

(0.130563)

RU_ STIR

-0.47403**

(0.141588)

DNOQUAL_ STIR

-0.02628**

(0.009808)

DFD_ STIR

-0.02925

(0.02148)

DUCC_ STIR

1.775981*

(0.827077)

DPARTRATE_ STIR

-0.01703**

(0.005506)

BASIC DIAGNOSTICS

R-squared

0.686263

Mean dependent var

0.926581

Adjusted R-squared

0.462165

S.D. dependent var

0.080906

S.E. of regression

0.059334

Akaike info criterion

-2.50723

Sum squared resid

0.024644

Schwarz criterion

-2.24649

Log likelihood

22.29702

F-statistic

3.062337

Durbin-Watson stat

1.586418

Prob(F-statistic)

0.088414