China
L G D P t = 0.02 + 0.11 L T A R t + 0.08 L X t − 3 + 0.38 L I N V t + 0.47 L C S t − i + u 1 t (1a)
L T A R t = 0.01 + 0.19 L G D P t + 0.20 L F D I t + u 2 t (2a)
L X t = 0.16 + 0.60 L G D P t + 0.72 L F D I t + u 3 t (3a)
L I N V t = 0.09 + 0.79 L G D P t − 1 + 0.27 L X t − 1 + u 4 t (4a)
L C S t = 0.34 + 0.74 L G D P t − 2 + 0.37 L T A R t − 4 + u 5 t (5a)
Mexico
L G D P t = − 0.014 + 0.04 L T A R t + 0.002 L X t + 0.14 L I N V t + 0.78 L C S t + u 1 t (1b)
L T A R t = 0.12 + 0.13 L G D P t − 3 + 0.23 L A I R t + 0.60 L T A R t − 2 + u 2 t (2b)
L X t = 0.07 + 0.67 L G D P t − 1 + 0.99 L M t − 1 + 0.12 L X t − 4 + u 3 t (3b)
L I N V t = 0.01 + 0.36 L G D P t − 1 + 0.45 L X t + u 4 t (4b)
L C S t = − 0.18 + 0.49 L G D P t − 1 + 0.28 L O P t + u 5 t (5b)