| GDP | (1) FEM | (2) FEM | (3) FEM | (4) FEM |
| L.DEBIT | −2.6199** |
|
|
|
|
| (−2.37) |
|
|
|
| L.CREDIT |
| −2.9137* |
|
|
|
|
| (−1.75) |
|
|
| L.EMONEY |
|
| −0.9354* |
|
|
|
|
| (−2.13) |
|
| L.CHECK |
|
|
| 3.0912*** |
|
|
|
|
| (4.98) |
| L.INF | −0.2093* | −0.1979* | −0.1864 | −0.1261 |
|
| (−2.09) | (−2.03) | (−1.44) | (−0.73) |
| L.POP | 3.0976*** | 3.4577*** | 3.4653*** | 3.0803*** |
|
| (3.98) | (3.30) | (3.57) | (4.21) |
| L.SECON | 0.0053 | −0.0123 | 0.0288 | −0.0581 |
|
| (0.13) | (−0.30) | (0.72) | (−1.12) |
| L.TRADE | −0.0579 | −0.0586 | −0.0304 | −0.1163** |
|
| (−1.58) | (−1.50) | (−0.53) | (−2.29) |
| L.FDI | 0.2749 | 0.3246 | 0.3445 | 0.4732** |
|
| (1.52) | (1.67) | (1.22) | (2.41) |
| L.FD | −0.0151 | −0.0394 | −0.0350 | −0.0872* |
|
| (−0.29) | (−0.69) | (−0.40) | (−1.80) |
| L.GCF | 0.0353 | 0.0644 | −0.0425 | 0.0841 |
|
| (0.49) | (0.70) | (−0.23) | (0.52) |
| L.lnICT | 2.5227 | 0.9528 | −1.3040 | −1.3908 |
|
| (1.55) | (0.65) | (−0.45) | (−0.67) |
| L.lnINS | −0.5046 | −1.9206 | −0.2311 | −6.7691 |
|
| (−0.07) | (−0.25) | (−0.03) | (−0.66) |
| _cons | 17.9880 | 30.5875 | 10.2247 | 33.6350 |
|
| (0.54) | (0.84) | (0.24) | (0.71) |
|
|
|
|
|
|
| N | 122 | 122 | 107 | 114 |