Appendix: Data used in the empirical analysis
Variable No 01 02 03 04 05 06 07 08
Year C P W F L V R DQ
1969 Q1 144 18.7% 0.972 0.323 897 2.001 8.00% 0.87%
. Q2 156 18.7% 0.977 0.292 775 1.977 8.00% 0.46%
. Q3 150 18.7% 0.976 0.280 586 1.971 8.00% 0.01%
. Q4 200 18.7% 0.990 0.289 907 1.958 8.00% 1.38%
1970 Q1 211 18.8% 1.081 0.333 872 1.963 7.50% 3.51%
. Q2 242 18.8% 0.954 0.328 871 1.958 7.00% 2.42%
. Q3 147 18.8% 0.915 0.314 798 1.966 7.00% 1.60%
. Q4 221 18.8% 0.937 0.329 969 1.969 7.00% 1.85%
1971 Q1 156 22.4% 1.067 0.343 981 2.015 6.00% 0.45%
.. Q2 172 22.4% 0.961 0.330 966 2.001 5.00% 1.21%
. Q3 147 22.4% 0.936 0.337 744 2.007 5.00% 0.54%
. Q4 176 22.4% 0.928 0.343 998 2.054 4.50% 2.18%
1972 Q1 145 34.3% 1.089 0.389 760 2.163 5.00% 1.05%
. Q2 149 34.3% 0.980 0.390 945 2.187 6.00% 0.66%
. Q3 76 34.3% 0.977 0.427 777 2.238 7.00% 1.83%
. Q4 148 34.3% 0.917 0.453 1,024 2.226 7.50% 0.68%
1973 Q1 143 36.9% 1.096 0.488 877 2.200 9.50% 5.01%
. Q2 127 36.9% 0.993 0.490 799 2.322 9.00% 2.64%
.. Q3 85 36.9% 0.917 0.508 614 2.396 10.00% 0.34%
.. Q4 145 36.9% 0.943 0.559 773 2.419 13.00% 2.63%
1974 Q1 161 27.1% 1.104 0.641 710 2.521 13.00% 4.93%
.. Q2 184 27.1% 1.011 0.605 653 2.378 12.50% 2.20%
.. Q3 162 27.1% 0.978 0.600 463 2.287 12.00% 2.89%
.. Q4 269 27.1% 1.016 0.613 749 2.273 12.00% 4.92%
1975 Q1 240 28.8% 0.936 0.598 713 2.178 11.50% 0.21%
. Q2 277 28.8% 0.854 0.554 844 2.117 9.50% 0.20%
. Q3 182 28.8% 0.814 0.525 829 2.101 10.00% 1.13%
. Q4 257 28.8% 0.827 0.516 1,334 2.044 11.00% 0.15%
1976 Q1 232 24.9% 0.869 0.530 1,238 1.998 9.50% 2.02%
. Q2 258 24.9% 0.833 0.502 1,317 2.018 10.50% 3.62%
. Q3 188 24.9% 0.803 0.489 1,138 2.018 12.00% 1.50%
. Q4 299 24.9% 0.787 0.473 1,705 1.931 14.00% 3.41%
1977 Q1 256 24.2% 0.975 0.519 1,554 1.898 11.50% 2.78%
. Q2 258 24.2% 0.916 0.479 1,490 1.900 9.50% 0.35%
. Q3 176 24.2% 0.853 0.455 1,150 1.909 8.00% 1.61%
. Q4 314 24.2% 0.850 0.439 1,745 1.924 7.00% 1.87%
1978 Q1 241 18.1% 1.162 0.454 1,542 1.949 6.50% 2.61%
. Q2 228 18.1% 1.022 0.395 1,553 1.917 7.50% 4.53%
. Q3 171 18.1% 0.978 0.386 1,125 1.925 10.00% 1.16%
. Q4 289 18.1% 0.989 0.404 1,631 1.929 12.50% 1.27%
1979 Q1 232 22.1% 1.331 0.450 1,341 1.948 13.50% 3.22%
. Q2 149 22.1% 1.137 0.393 1,373 1.873 12.00% 5.92%
. Q3 154 22.1% 1.029 0.376 977 1.848 14.00% 0.08%
. Q4 254 22.1% 1.006 0.381 1,395 1.822 17.00% 0.56%
1980 Q1 212 22.0% 1.051 0.410 1,274 1.809 17.00% 1.96%
. Q2 246 22.0% 0.981 0.406 932 1.837 17.00% 3.54%
. Q3 185 22.0% 0.910 0.404 829 1.852 16.00% 0.04%
. Q4 306 22.0% 0.976 0.420 1,502 1.894 14.00% 8.17%
1981 Q1 302 21.9% 0.999 0.436 1,498 1.915 14.00% 0.64%
. Q2 200 21.9% 0.976 0.435 1,725 1.957 12.00% 3.20%
. Q3 199 21.9% 0.933 0.431 1,443 1.970 14.00% 1.98%
. Q4 289 21.9% 1.011 0.481 2,224 2.081 15.00% 5.53%
1982 Q1 364 25.0% 1.008 0.565 2,612 2.092 13.50% 4.36%
. Q2 354 25.0% 0.949 0.562 1,834 2.088 12.50% 1.32%
. Q3 261 25.0% 0.894 0.553 1,800 2.132 11.00% 2.03%
. Q4 443 25.0% 0.900 0.584 2,350 2.146 9.50% 3.30%
1983 Q1 409 30.4% 0.919 0.629 3,122 2.168 11.00% 1.46%
. Q2 461 30.4% 0.892 0.615 3,082 2.214 10.00% 0.05%
. Q3 346 30.4% 0.800 0.583 2,461 2.213 9.50% 4.50%
. Q4 560 30.4% 0.812 0.604 3,402 2.231 9.00% 0.72%
1984 Q1 472 32.0% 0.886 0.670 3,397 2.253 8.75% 0.34%
. Q2 489 32.0% 0.837 0.648 3,424 2.304 9.00% 2.33%
. Q3 352 32.0% 0.781 0.606 2,721 2.358 11.00% 0.74%
. Q4 518 32.0% 0.817 0.663 3,864 2.378 10.00% 1.92%
1985 Q1 514 45.7% 0.930 0.728 3,597 2.383 14.00% 1.25%
. Q2 556 45.7% 0.895 0.699 3,469 2.369 13.00% 0.09%
. Q3 387 45.7% 0.841 0.661 2,721 2.443 12.00% 0.19%
. Q4 518 45.7% 0.847 0.680 3,934 2.416 11.50% 1.15%
1986 Q1 477 42.4% 0.999 0.776 3,671 2.513 12.50% 3.53%
. Q2 568 42.4% 0.927 0.732 4,075 2.567 10.50% 5.10%
. Q3 361 42.4% 0.857 0.686 2,987 2.563 10.00% 2.71%
. Q4 508 42.4% 0.859 0.692 4,165 2.390 11.00% 2.06%
1987 Q1 380 51.4% 0.949 0.768 3,520 2.655 10.50% 2.77%
. Q2 394 51.4% 0.914 0.773 3,937 2.682 9.50% 0.84%
. Q3 252 51.4% 0.825 0.730 3,036 2.695 10.00% 4.70%
. Q4 464 51.4% 0.812 0.756 3,912 2.757 9.00% 2.83%
1988 Q1 403 60.8% 0.938 0.815 3,195 2.795 9.00% 3.65%
. Q2 376 60.8% 0.897 0.866 2,810 2.836 8.00% 0.32%
. Q3 336 60.8% 0.849 0.895 2,469 2.881 11.00% 0.80%
. Q4 356 60.8% 0.819 0.884 2,965 2.892 13.00% 3.79%
1989 Q1 405 48.0% 0.919 1.078 2,603 2.959 13.00% 1.77%
. Q2 431 48.0% 0.866 1.119 2,414 3.057 14.00% 1.91%
. Q3 259 48.0% 0.832 1.180 1,747 3.192 14.00% 1.49%
. Q4 543 48.0% 0.836 1.242 2,663 3.124 15.00% 0.59%
1990 Q1 516 47.7% 1.010 1.310 2,567 3.255 14.00% 2.07%
. Q2 545 47.7% 0.991 1.337 2,814 3.322 14.00% 0.15%
. Q3 442 47.7% 0.969 1.321 2,027 3.346 14.00% 1.98%
. Q4 942 47.7% 1.003 1.418 3,048 3.432 14.00% 0.96%
1991 Q1 914 12.4% 1.095 1.478 3,327 3.434 13.50% 3.28%
. Q2 871 12.4% 1.110 1.539 3,356 3.431 12.00% 1.94%
. Q3 620 12.4% 1.089 1.254 3,301 3.455 11.00% 0.66%
. Q4 968 12.4% 1.141 1.306 5,067 3.439 10.50% 1.14%
1992 Q1 1044 17.7% 1.156 1.309 5,440 3.474 10.50% 0.68%
.. Q2 952 17.7% 1.174 1.319 5,615 3.445 10.00% 1.44%
. Q3 855 17.7% 1.141 1.228 4,700 3.448 12.00% 0.69%
. Q4 979 17.7% 1.185 1.316 6,072 3.426 7.00% 1.14%
1993 Q1 968 22.4% 0.877 1.274 6,332 3.376 6.00% 0.47%
. Q2 843 22.4% 0.870 1.236 6,043 3.371 6.00% 0.24%
. Q3 646 22.4% 0.841 1.153 5,577 3.345 6.00% 0.12%
. Q4 728 22.4% 0.846 1.107 6,473 3.373 5.50% 1.16%
1994 Q1 679 23.8% 1.069 1.053 6,235 3.374 5.25% 1.24%
. Q2 613 23.8% 1.038 1.003 5,201 3.344 5.25% 0.99%
. Q3 565 23.8% 0.995 0.934 4,356 3.332 5.75% 0.41%
. Q4 544 23.8% 0.987 0.888 4,946 3.327 6.25% 0.91%
1995 Q1 534 n/a n/a 0.912 4,887 3.365 6.75% 1.45%
. Q2 379 n/a n/a 0.800 4,078 3.395 6.75% 0.69%
. Q3 448 n/a n/a 0.761 3,971 3.449 6.75% 1.28%
. Q4 783 n/a n/a n/a 3,792 3.504 6.50% n/a
1996 Q1 n/a n/a n/a n/a 3,803 n/a 6.25% n/a
. Q2 n/a n/a n/a n/a 3,359 n/a 6.00% n/a
. Q3 n/a n/a n/a n/a 3,630 n/a n/a n/a
. Q4 n/a n/a n/a n/a 3,744 n/a n/a n/a

Sources:

UK National Accounts, Financial Statistics, Economic Trends, various editions, CSO, HMSO

Housing and Construction Statistics, Department of the Environment, Scottish Office, & Welsh Office, HMSO

Statistics Directorate, Department of Trade and Industry, London