| Control variables | Coefficients | t-values |
| Constante | 6.915 | 0.714 |
| DLn(GDPt) | −0.748 | −0.543 |
| DLn(PRICEt) | 0.10** | 2.020 |
| DLn(PRODt) | 0.413* | 2.110 |
| DLn(EXCHGt) | −0.21 | −0.489 |
| D(INFRT_INDEX) | 0.235*** | 2.43 |
| Ln(EXPT(−1)) | −0.408*** | −4.353 |
| Ln(GDPt(−1)) | −0.196 | −0.547 |
| Ln(PRICEt(−1) | 0.088 | 0.290 |
| Ln(PRODt(−1)) | 1.194*** | 2.560 |
| Ln(EXCHGt(−1)) | −0.657* | −1.758 |
| INFRST_INDEXt(−1) | 0.452** | 1.99 |
| R-Carré | 0.79 | |
| Fisher. stat | 5.98 | |