Variable

Coefficient

Std. Error

t value

Pr (>|t|)

Intercept

−4.340

1.451

−2.991

0.00369**

Gross Product Domestic Growth (GDP)

0.179

0.039

4.558

1.83e−05***

Exchange rate (ER)

0.093

0.008

11.626

<2e−16***

Political stability index (PS)

−0.095

0.425

−0.224

0.82307

Regulatory quality index (RQ)

1.969

0.696

2.828

0.00591**

Bank lending-deposit interest rate spread (BLIS)

−0.124

0.029

−4.241

5.93e−05***

Investment freedom index (IF)

0.048

0.023

2.105

0.03847*

Property rights index (PR)

1.295

0.137

9.473

1.04e−14***

R

R²

p-value

0.926

0.919

<2.2e−16