| GDP | (1) FEM | (2) FEM | (3) FEM | (4) FEM |
| L.DEBIT | −2.7234** |
|
|
|
|
| (−2.44) |
|
|
|
| L.CREDIT |
| −3.0200* |
|
|
|
|
| (−1.77) |
|
|
| L.EMONEY |
|
| −0.9998** |
|
|
|
|
| (−2.19) |
|
| L.CHECK |
|
|
| 3.1927*** |
|
|
|
|
| (4.94) |
| L.INF | −0.2183* | −0.2041* | −0.1954 | −0.1304 |
|
| (−2.10) | (−2.03) | (−1.48) | (−0.75) |
| L.POP | 2.4778* | 3.0620* | 2.9956* | 2.4712* |
|
| (1.88) | (1.84) | (1.85) | (1.86) |
| L.SECON | 0.0104 | −0.0090 | 0.0328 | −0.0550 |
|
| (0.25) | (−0.21) | (0.84) | (−1.02) |
| L.TRADE | −0.0723* | −0.0747 | −0.0455 | −0.1362** |
|
| (−1.89) | (−1.71) | (−0.68) | (−2.55) |
| L.FDI | 0.2749 | 0.3296 | 0.3583 | 0.5019** |
|
| (1.29) | (1.45) | (1.09) | (2.23) |
| L.FD | −0.0053 | −0.0305 | −0.0208 | −0.0773 |
|
| (−0.11) | (−0.55) | (−0.25) | (−1.63) |
| L.GCF | 0.0657 | 0.0905 | −0.0523 | 0.1198 |
|
| (0.78) | (0.84) | (−0.28) | (0.66) |
| L.lnICT | 2.1802 | 0.6762 | −1.6325 | −1.8336 |
|
| (1.35) | (0.44) | (−0.54) | (−0.81) |
| L.lnINS | −1.3968 | −2.8617 | −0.8950 | −8.0003 |
|
| (−0.19) | (−0.37) | (−0.10) | (−0.77) |
| _cons | 22.5052 | 35.3235 | 13.9150 | 38.8551 |
|
| (0.67) | (0.98) | (0.32) | (0.81) |
| N | 122 | 122 | 107 | 114 |