| GDP | (1) FEM | (2) FEM | (3) FEM | (4) FEM |
| L.DEBIT | −3.4071*** |
|
|
|
|
| (−3.17) |
|
|
|
| L.CREDIT |
| −3.0568 |
|
|
|
|
| (−1.63) |
|
|
| L.EMONEY |
|
| −0.9786** |
|
|
|
|
| (−2.22) |
|
| L.CHECK |
|
|
| 3.2069*** |
|
|
|
|
| (4.17) |
| L.INF | −0.2972** | −0.2522* | −0.2661 | −0.0915 |
|
| (−2.25) | (−1.83) | (−1.11) | (−0.41) |
| L.POP | 2.0076 | 3.1871 | 2.6967 | 2.4813 |
|
| (0.94) | (1.29) | (1.11) | (1.12) |
| L.SECON | 0.0254 | 0.0004 | 0.0407 | −0.0424 |
|
| (0.47) | (0.01) | (0.78) | (−0.62) |
| L.TRADE | −0.0896 | −0.0303 | −0.1025 | −0.1457* |
|
| (−1.72) | (−0.61) | (−1.33) | (−2.02) |
| L.FDI | 0.3775 | 0.3923 | 0.4029 | 0.6154*** |
|
| (1.47) | (1.63) | (1.24) | (2.98) |
| L.FD | 0.0319 | −0.0129 | −0.0023 | −0.0444 |
|
| (0.70) | (−0.24) | (−0.02) | (−0.88) |
| L.GCF | −0.0411 | −0.0450 | 0.0610 | 0.2153 |
|
| (−0.30) | (−0.24) | (0.29) | (0.73) |
| L.lnICT | 2.4726 | 0.2483 | −2.2033 | −1.1725 |
|
| (1.36) | (0.11) | (−0.68) | (−0.52) |
| L.lnINS | 0.6397 | 1.3844 | −2.4138 | −5.9883 |
|
| (0.09) | (0.18) | (−0.27) | (−0.59) |
| _cons | 17.8334 | 17.6431 | 20.0392 | 22.1968 |
|
| (0.54) | (0.57) | (0.47) | (0.56) |
| N | 122 | 122 | 107 | 114 |