(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