(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