Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
Long-run estimates |
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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) |
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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)*** |
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Real interest rate |
| 0.127 (0.015)*** |
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Nominal interest rate |
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| −0.812 (0.080) |
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Credit to private sector |
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| 0.152 (0.040)*** |
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Money supply (M2) |
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| 0.066 (0.072) |
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External TOT (PxPm) |
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| 0.089 0.038** |
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Internal TOT (PxPy) |
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| 0.280 0.026*** |
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Internal TOT (PmPy) |
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| 0.336 (0.028)*** |
Short-run estimates |
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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)*** |
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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) |
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Real interest rate |
| −0.019 (0.004)*** |
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Nominal interest rate |
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| −0.007 (0.023) |
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Credit to private sector |
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| −0.048 (0.022)** |
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