I am running a multiple regression of Y~a+b+c+d etc...
I want to do a quick check to see whether my different explanatory variables are colinear (they're a mix of categorical and continuous). There seems to be a whelm of complicated statistics behind all this -- would looking at the R-squared value of a simple regression between each variable in turn (a~b, a~c, a~d etc) be a satisfactory coarse estimate of colinearity? Or would I have to use VIF statistics and other more complicated methods?
I hope that this is not off-topic... :-)
Edit: Also, if a simple look at the R-squared value is sufficient, what is an acceptable amount of correlation? I have two variables that are 54% correlated for example - this seems high to me...