| Money supply (M2) |
|
|
|
| −0.134 (0.040)*** |
|
|
|
| External TOT (PxPm) |
|
|
|
|
| −0.0452 (0.022)** |
|
|
| Internal TOT (PxPy) |
|
|
|
|
|
| 0.103 (0.030)** |
|
| Internal TOT (PmPy) |
|
|
|
|
|
|
| 0.145 (0.030)*** |
| Constant | −1.588 (0.292) | −1.271 (0.246)*** | −1.201 (0.218)*** | −0.685 (0.142)*** | −1.240809 (0.190)*** | −.322416 (0.078)*** | 0.321 (0.051)*** | −0.832 (0.172)*** |
| No. of obs. | 1239 | 1488 | 1488 | 1454 | 1413 | 1489 | 1486 | 1484 |
| No. of groups | 44 | 50 | 50 | 49 | 49 | 50 | 50 | 50 |