| Exogenous and instrumental variables | Ratings | Expected signs |
| Regression (1) with REER as endogenous variable | ||
| Economy open rate | OPEN | − |
| Net external position | EXPOS | + |
| Terms of trade | TOT | +/− |
| Social investment | INV | + |
| Public Spending | PUBSP | + |
| Country’s relative productivity | PROD | + |
| Real Interest Rate Differential | RDIFF | + |
| Regression (2) with GDPR as endogenous variable | ||
| Exchange rate misalignment | MISAL | − |
| Over evaluation | OVERVAL | − |
| Undervaluation | UNDEVAL | + |
| Exchange rate volatility | VOLEXCH | − |
| Population | POP | + |
| Inflation | DEF | − |
| Investment | INVEST | + |