| GDP | (1) FEM | (2) FEM | (3) FEM | (4) FEM |
| L.DEBIT | −2.2429** |
|
|
|
|
| (−2.83) |
|
|
|
| L.CREDIT |
| −3.0626** |
|
|
|
|
| (−2.34) |
|
|
| L.EMONEY |
|
| −1.0565** |
|
|
|
|
| (−2.72) |
|
| L.CHECK |
|
|
| 2.8410*** |
|
|
|
|
| (4.33) |
| L.INF | −0.2383*** | −0.2263*** | −0.2053** | −0.0573 |
|
| (−3.78) | (−3.85) | (−2.15) | (−0.35) |
| L.POP | 2.4562*** | 2.7298*** | 3.1624*** | 2.8549*** |
|
| (3.13) | (2.95) | (3.26) | (3.11) |
| L.SECON | 0.0161 | 0.0018 | 0.0163 | −0.0574 |
|
| (0.47) | (0.05) | (0.47) | (−1.04) |
| L.TRADE | −0.0348 | −0.0342 | −0.0258 | −0.0818* |
|
| (−1.01) | (−1.05) | (−0.43) | (−1.96) |
| _cons | 18.0325** | 23.0113** | 4.0749 | −3.9247 |
|
| (2.80) | (2.34) | (0.76) | (−0.56) |
| N | 132 | 132 | 117 | 124 |