|
|
(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 |