Variable

1000 Notes

2000 Notes

5000 Notes

10,000 Notes

All cash

Speed of adjustment (α)

−0.109**

−0.051

[−2.122]

−0.063*

−0.034

[−1.851]

−0.22**

−0.064

[−3.442]

−0.20*

−0.102

[−2.033]

−0.24**

−0.113

[−2.197]

GDP^off (β)

4.075**

−1.625

[2.507]

1.679**

−0.815

[ 2.059]

0.928**

−0.413

[2.244]

6.355*

−1.997

[3.183]

3.934**

−1.472

[2.671]

GDP^unoff (β)

1.897**

−0.092

[2.126]

2.750*

−0.62

[4.428]

0.121

−0.065

[1.869]

1.772**

−0.956

[1.853]

1.246**

−0.699

[1.782]

T-bills rate (β)

…

…

−2.081**

−0.949

[−2.192]

−6.201**

−2.614

[−2.372]

−4.038**

−1.972

[−2.048]

CPI (β)

7.460**

−2.072

[3.601]

5.538**

−1.705

[3.248]

0.131*

−0.037

[3.530]

4.568*

−2.107

[2.167]

4.377*

−1.578

[2.773]

Exchange rate (β)

…

…

…

−1.453

−0.609

[−2.382]

−0.998*

−0.467

[−2137]

Mobile (β)

−1.567**

−0.269

[−5.832]

−0.427**

−0.225

[−1.906]

−0.074**

−0.022

[−3.375]

−1.598*

−0.27

[−5.909]

−1.126**

−0.204

[−5.531]