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In normal theory exploratory factor analysis, likelihood ratio (LR) statistic plays an important role in evaluating the goodness-of-fit of the model. In this paper, we derive an approximation of the LR statistic. The approximation is then used to show explicitly that the expectation of the LR statistic agrees with the degrees of freedom of the asymptotic chi-square distribution.
This paper investigates Japanese trade to see whether
the J/S-curve phenomenon between net exports and the terms of trade is observed
in the data from 1980Q1 to 2008Q3. Based on the results of a VAR stability
test, the aggregate trade data are endogenously split into three sub-period
data sets, with the J/S-curve present in the last two. The J/S-curve may stem
from the increasing share of China and the oil-exporting countries in Japanese
trade. In fact, the J/S-curve is observed in the bilateral trade data with those
countries but not in the data with Korea or the United States.