Coefficient

T-value

P-value

Current Account Balance

0.440 (0.054)

8.09

0.000

Money supply (M2)

−0.011 (0.003)

−3.46

0.001

Real Exchange Rate

0.021 (0.003)

6.00

0.000

Income

0.102 (0.049)

2.08

0.037

Inflation

0.041 (0.024)

1.74

0.081

Investment

−0.693 (0.208)

−3.33

0.001

Household Consumption Expenditure

0.026 (0.075)

0.35

0.725

GMM Estimation

Final GMM Criterion Q(b) = 0.476

Initial weight matrix: Identity

GMM weight matrix: Robust

Number. of obs = 226

Number. of panels = 8

Ave. No. of T = 28.250

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