GDP

(1)

FEM

(2)

FEM

(3)

FEM

(4)

FEM

CREDIT

−1.6445***

(−3.37)

DEBIT

−1.3914***

(−3.91)

EMONEY

−0.7049***

(−2.85)

CHECK

1.2208**

(2.56)

INF

−0.4732***

−0.4861***

−0.5611***

−0.4129***

(−5.29)

(−5.50)

(−5.69)

(−3.79)

POP

0.2003

−0.1742

0.3301

0.3780

(0.27)

(−0.23)

(0.46)

(0.48)

SECON

0.0199

0.0329

0.0220

−0.0078

(0.56)

(0.92)

(0.57)

(−0.21)

TRADE

0.0952***

0.0907**

0.1022***

0.0824**

(2.68)

(2.59)

(2.85)

(2.14)

_cons

7.7411

6.4536

−0.9351

−6.3349

(1.62)

(1.48)

(−0.22)

(−1.37)

F-Value

N

137

137

122

129