Variables

Dependent variable

Full sample

Subsample

Ordinary trade

balance

Processing trade

balance

Ordinary trade

balance

Processing trade

balance

C

−0.300218

(−0.257770)

2.538638

(4.051535***)

3.644332

(2.304417**)

−1.260060

(−1.112290)

LREER

−0.302212

(−1.597939)

−0.026982

(−0.265180)

−1.655933

(−8.720253***)

0.661797

(4.865134***)

LFD

0.554739

(3.246520***)

−0.885465

(−9.632174***)

1.120039

(2.955842***)

−0.547733

(−2.017904**)

LDD

−0.044052

(−1.144149)

0.072801

(3.514619***)

−0.345880

(−6.193919***)

0.185136

(4.628226***)

LFDI

0.034450

(2.635452**)

0.003461

(0.492178)

0.021051

(1.404312)

0.002868

(0.267066)

R2

0.185787

0.567141

0.604039

0.343263

Adjust R2

0.162357

0.554685

0.583199

0.308698

D.W. statistic

0.284133

0.581014

0.846577

0.803770