Variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Long-run estimates

Capital formation

0.444 (0.059)^***

0.168 (0.047)^***

0.268 (0.051)^***

0.228 (0.052)^***

0.270 (0.052)^***

0.415 (0.048)^***

0.288 (0.043)^***

0.120 (0.037)^***

Population 15 - 64

1.350 (0.103)^***

1.118 (0.066)^***

1.283 (0.092)^***

0.756 (0.058)^***

1.123 (0.082)^***

0.659 (0.073)^***

0.236 (0.076)^***

0.872 (0.075)^***

Trade

0.005 (0.066)

0.286 (0.080)^***

0.371 (0.090)^***

0.416 (0.098)^***

0.084 (0.084)

External debt

−0.270 (0.023)^***

−0.310 (0.017)^***

−0.241 (0.021)^***

−0.411 (0.030)^***

−0.368 (0.026)^***

−0.558 (0.034)^***

−0.462 (0.032)^***

−0.191 (0.025)^***

Fiscal balance

−0.027 (0.018)

−0.025 (0.017)

0.065 (0.020)^***

0.124 (0.025)^***

−0.080 (0.019)^***

0.100 (0.026)^***

0.085 (0.026)^***

0.032 (0.020)

Inflation

−0.065 (0.020)^***

Real interest rate

0.127 (0.015)^***

Nominal interest rate

−0.812 (0.080)

Credit to private sector

0.152 (0.040)^***

Money supply (M2)

0.066 (0.072)

External TOT (PxPm)

0.089 0.038^**

Internal TOT (PxPy)

0.280 0.026^***

Internal TOT (PmPy)

0.336 (0.028)^***

Short-run estimates

Error-correction term

−0.119 (0.022)^***

−0.115 (0.022)^***

−0.108 (0.020)^***

−0.115 (0.021)^***

−0.126 (0.018)^***

−0.116 (0.019)^***

−0.109 (0.021)^***

−0.110 (0.022)^***

Capital formation

0.029 (0.024)

0.049 (0.024)^**

0.045 (0.026)^*

0.046 (0.025)^*

0.031 (0.023)

−0.007 (0.023)

0.021 (0.021)

−0.047 (0.027)^*

Population 15 - 64

−1.148 (0.451)^***

−0.965 (0.486)^**

−0.739 (0.427)^*

−0.867 (0.386)^**

−0.968 (0.439)^**

−0.978 (0.466)^**

−0.962 (0.447)^**

−0.880 (0.420)^**

Trade openness

−0.268 (0.034)^***

−0.290 (0.037)^***

−0.283 (0.034)^***

−0.255 (0.036)^***

−0.246 (0.035)^***

External debt

−0.324 (0.034)^***

−0.313 (0.035)^***

−0.322 (0.032)^***

−0.314 (0.035)^***

−0.308 (0.035)^***

−0.318 (0.035)^***

−0.306 (0.034)^***

−0.311 (0.032)^***

Fiscal balance

−0.002 (0.006)

0.003 (0.007)

−0.001 (0.008)

−0.011 (0.007)

−0.0003 (0.008)

0.013 (0.017)

0.007 (0.014)

0.014 (0.015)

Inflation

−0.004 (0.003)

Real interest rate

−0.019 (0.004)^***

Nominal interest rate

−0.007 (0.023)

Credit to private sector

−0.048 (0.022)^**