Coefficient

T-value

P-value

Trade Balance

−0.574 (0.048)

−11.76

0.000

Money supply (M2)

−0.027 (0.003)

−8.64

0.000

Real Exchange Rate

0.010 (0.003)

2.67

0.008

Income

0.094 (0.040)

2.32

0.020

Inflation

0.063 (0.023)

2.68

0.007

Investment

0.047 (0.157)

0.30

0.763

Household Consumption Expenditure

−0.243 (0.063)

−3.82

0.000

GMM Estimation

Final GMM Criterion Q(b) = 0.538

Initial weight matrix: Identity

GMM weight matrix: Robust

Number of observation = 234

Number of panels = 8

Ave. No. of T = 29.250

Instruments : lags (1/3) of (trade balance money supply (M2) exchange rate, Income, inflation, Investment, household consumption expenditure require by the model estimation)