(XP)

(CXP)

(GDP)

(REER)

(D_t)

VARIABLES

lnMw_XP

0.0929***

(0.0173)

Belgium

−0.281*

0.272

−1.944***

0.0327

0.183

(0.161)

(0.427)

(0.220)

(0.156)

(0.129)

China

0.323**

0.845*

−2.826***

0.490***

0.605***

(0.158)

(0.428)

(0.329)

(0.162)

(0.133)

Egypt

−0.403**

0.0453

−1.583***

−0.0816

0.0614

(0.156)

(0.432)

(0.183)

(0.154)

(0.127)

Germany

−0.381**

0.173

−3.096***

−0.0768

0.115

(0.158)

(0.426)

(0.301)

(0.153)

(0.127)

Japan

0.253

0.284

−3.062***

0.206

0.495***

(0.158)

(0.436)

(0.326)

(0.166)

(0.138)

Netherlands

−0.351**

0.135

−2.342***

−0.0958

0.0877

(0.154)

(0.428)

(0.239)

(0.153)

(0.127)

Poland

−0.544***

−0.116

−2.293***

−0.383**

−0.228*

(0.149)

(0.430)

(0.212)

(0.154)

(0.127)

Korea Rep

−0.000984

0.367

−2.362***

0.136

0.247*

(0.160)

(0.442)

(0.266)

(0.165)

(0.135)

Russia

−0.542***

−0.0869

−2.770***

−0.293*

−0.203

(0.150)

(0.431)

(0.250)

(0.159)

(0.127)

Turkey

−0.0847

0.197

−2.069***

0.132

0.216*

(0.148)

(0.435)

(0.228)

(0.159)

(0.127)

Ukraine

−0.397***

−0.0801

−1.456***

−0.290*

−0.120

(0.148)

(0.433)

(0.164)

(0.153)

(0.127)

USA

−0.425***

0.0657

−3.978***

−0.179

0.0512

(0.157)

(0.427)

(0.369)

(0.156)

(0.127)

CXP

−0.0182***

(0.00653)

lnGDP

0.532***

(0.0478)

LnREER

0.483**

(0.232)

Dt

0.548***

(0.0485)

Constant

−0.163

1.132***

−11.09***

−1.071

0.634***

(0.269)

(0.423)

(1.104)

(1.068)

(0.109)

Observations

270

174

270

270

270

R-squared

0.304

0.306

0.477

0.238

0.482