| (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 | 0.643* | 0.432* | 0.506* | 0.506* | 0.446* | 0.281* | 0.566* | 0.357* |
| (0.066) | (0.072) | (0.066) | (0.066) | (0.119) | (0.126) | (0.075) | (0.077) |
GDP per capita | 0.642* | 0.432* | 0.613* | 0.665* | 0.261** | 0.298* | 0.790* | 0.572* |
| (0.136) | (0.071) | (0.125) | (0.132) | (0.107) | (1.048) | (0.135) | (0.175) |
Relative import prices | 0.0871*** | 0.106* | 0.0747 | 0.043* | 0.0848** | 0.0478* | 0.0797 | 0.088* |
| (0.048) | (0.022) | (0.0465) | (0.019) | (0.0377) | (0.673) | (0.0491) | (0.022) |
Exports | 0.509* | 0.198* | 0.563* | 0.267* | 0.647* | 0.655* | 0.539* | 0.231* |
| (0.0640) | (0.008) | (0.0620) | (0.070) | (0.0545) | (0.726) | (0.0646) | (0.087) |
Trade ratio to GDP | 0.0153* | 0.008* | 0.010* | 0.008* | 0.021* | 0.022 | 0.013* | 0.011* |
| (0.0045) | (0.002) | (0.004) | (0.002) | (0.003) | (0.043) | (0.004) | (0.002) |
REER | −0.242* | −0.050* | 0.071*** | −0.007* | −0.144* | 0.144 | −0.165* | −0.004 |
| (0.0431) | (0.041) | (0.0399) | (0.033) | (0.034) | (0.353) | (0.0423) | (0.042) |
Observations | 95 | 95 | 95 | 95 | 95 | 95 | 95 | 95 |
R-squared | 0.936 | 0.962 | 0.867 | 0.971 | 0.960 | 0.978 | 0.902 | 0.965 |