Table 6 Traditional Markov transfer probability matrix for China’s CEE.
t/t + 1 | Low | Lower | Higher | High | Obs |
|---|---|---|---|---|---|
Low | 0.903 | 0.079 | 0.007 | 0.011 | 1805 |
Lower | 0.156 | 0.553 | 0.241 | 0.051 | 532 |
Higher | 0.034 | 0.182 | 0.517 | 0.267 | 445 |
High | 0.008 | 0.014 | 0.059 | 0.920 | 1330 |
t/t + 1 | Low | Lower | Higher | High | Obs |
|---|---|---|---|---|---|
Low | 0.903 | 0.079 | 0.007 | 0.011 | 1805 |
Lower | 0.156 | 0.553 | 0.241 | 0.051 | 532 |
Higher | 0.034 | 0.182 | 0.517 | 0.267 | 445 |
High | 0.008 | 0.014 | 0.059 | 0.920 | 1330 |