LN_FD

LN_FDI

LN_GDP

LN_GFCF

LN_INTRATE

LN_HC

LN_OPEN

LN_GDPDEF

LN_FD(-1)

0.6497^**

0.1665^*

−0.0047

−0.0267^**

−0.1697^**

−0.0003^***

0.0197^**

−0.0260^***

LN_FDI(-1)

0.0329^**

0.6326^**

0.0058^***

0.0149^***

−0.0908^**

0.0049^***

−0.0015^***

−0.0011^***

LN_GDP(-1)

0.0929^**

0.0311^**

1.0009^***

−0.0050^**

−0.0469^**

0.0004^***

−0.0136^***

0.0107^***

LN_GFCF(-1)

−0.0458

0.2221

0.0041^***

0.8857^**

0.0867

0.0003^**

−0.0277^***

0.0222^***

LN_INTRATE(-1)

−0.0648^**

−0.1119^**

0.0105

0.0136^**

0.2246^**

−0.0020^***

−0.0053

0.0099

LN_HC(-1)

0.1703^**

0.3097

0.0083^***

0.0455^**

0.3056

0.9336^***

0.0048

−0.0291

LN_OPEN(-1)

0.0694^**

0.0102^**

−0.0021

0.0126^**

0.0045

0.0003

0.9929^***

−0.0016

LN_GDPDEF(-1)

−0.0168^**

−0.0279^**

−0.0099^***

0.0043

−0.2007

−0.0001

−0.0033

0.9711^***

Constant

−0.2719

−2.0300

0.0795^**

0.1636

2.1160

0.2965^**

0.1785

0.2207^**

R²

0.75

0.71

0.99

0.86

0.17

0.97

0.99

0.99