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) |