| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
VARIABLES | Consumer | Consumer | Intermediate | Intermediate | Capital | Capital | Aggregate | Aggregate |
| FMOLS | DOLS | FMOLS | DOLS | FMOLS | DOLS | FMOLS | DOLS |
Lag (1) dependent variable | 0.687* | 0.466* | 0.564* | 0.401* |
|
| 0.633* | 0.412 |
| (0.069) | (0.071) | (0.064) | (0.067) |
|
| (0.079) | (0.084) |
GDP per capita | 0.099* | 0.405* | 0.131* | 0.398* | 0.230* | 0.257 | 0.073* | 0.215 |
| (0.182) | (0.187) | (0.147) | (0.155) | (0.309) | (0.298) | (0.196) | (0.209) |
Relative import prices | 0.099* | 0.105* | 0.042* | 0.039** | 0.155* | 0.131* | 0.089* | 0.088* |
| (0.022) | (0.023) | (0.019) | (0.020) | (0.038) | (0.041) | (0.024) | (0.025) |
Exports | 0.337* | 0.414* | 0.379* | 0.439* | 0.776* | 0.724* | 0.405* | 0.478* |
| (0.091) | (0.093) | (0.071) | (0.075) | (0.134) | (0.133) | (0.094) | (0.100) |
Average tariff rate | −0.013** | −0.013* | −0.011* | −0.009** | −0.019** | −0.015 | −0.01** | −0.012* |
| (0.006) | (0.006) | (0.005) | (0.005) | (0.010) | (0.010) | (0.006) | (0.007) |
REER | −0.156* | −0.125* | −0.124* | −0.051 | −0.230* | −0.22* | −0.083* | −0.075 |
| (0.043) | (0.044) | (0.035) | (0.036) | (0.073) | (0.069) | (0.047) | (0.050) |
R-squared | 0.97 | 0.97 | 0.98 | 0.98 | 0.96 | 0.95 | 0.98 | 0.98 |