| REER | Coefficient | Standard Error | t-statistic | P value (P < 0.05) |
| C | 15.749 | 20.891 | 0.75 | 0.455 |
| REMITT | −0.002 | 0.003 | −0.69 | 0.497 |
| PUBLIC | −4.453 | 2.017 | −2.21 | 0.033* |
| OPEN | 0.951 | 0.271 | 3.51 | 0.001* |
| CAPTINF | 7.002 | 1.841 | 3.80 | 0.000* |
| TERMTRAD | −0.512 | 0.967 | −0.53 | 0.599 |
| Adjusted R-squared | 0.752 | |||
| R-squared | 0.779 | |||
| F-statistic | 28.95 | |||
| Prob (F-statistic) | 0.00 | |||
| No of observations | 47 | |||