| . | Depreciation of RER . | Domestic Interest Rate . | Foreign Interest Rate . | Growth Rate . |
|---|---|---|---|---|
| Depreciation of RER (−1) | 0.6164132*** (0.1214663) | −0.0764374 (0.0745745) | 0.0071392*** (0.0032883) | −0.0163632 (0.0578173) |
| Domestic interest rate (−1) | 0.5183742** (0.1300432) | 0.7703966*** (0.0798403) | −0.0034098 (0.0035205) | 0.2292575*** (0.0618999) |
| Foreign interest rate (−1) | 2.613194** (1.310771) | 0.1130593 (0.8047509) | 0.9929505*** (0.0354851) | 0.8727535 (0.6239205) |
| Growth rate (−1) | 0.0078362 (0.2706376) | −0.0719824 (0.1661585) | −0.0050722 (0.0073267) | 0.6440931*** (0.1288221) |
| Constant | −17.6484** (6.057141) | 3.862517 (3.718795) | 0.0658478 (0.1639787) | −5.609101* (2.883169) |
| . | Depreciation of RER . | Domestic Interest Rate . | Foreign Interest Rate . | Growth Rate . |
|---|---|---|---|---|
| Depreciation of RER (−1) | 0.6164132*** (0.1214663) | −0.0764374 (0.0745745) | 0.0071392*** (0.0032883) | −0.0163632 (0.0578173) |
| Domestic interest rate (−1) | 0.5183742** (0.1300432) | 0.7703966*** (0.0798403) | −0.0034098 (0.0035205) | 0.2292575*** (0.0618999) |
| Foreign interest rate (−1) | 2.613194** (1.310771) | 0.1130593 (0.8047509) | 0.9929505*** (0.0354851) | 0.8727535 (0.6239205) |
| Growth rate (−1) | 0.0078362 (0.2706376) | −0.0719824 (0.1661585) | −0.0050722 (0.0073267) | 0.6440931*** (0.1288221) |
| Constant | −17.6484** (6.057141) | 3.862517 (3.718795) | 0.0658478 (0.1639787) | −5.609101* (2.883169) |
*Significance at the 10 percent level.
**significant at the 5 percent level.
***significant at the 1 percent level.
Note: Numbers in parentheses are standard errors.
Source: Authors’ analysis based on data from the International Monetary Fund (IMF), International Financial Statistics database and IMF staff estimates.
| . | Depreciation of RER . | Domestic Interest Rate . | Foreign Interest Rate . | Growth Rate . |
|---|---|---|---|---|
| Depreciation of RER (−1) | 0.6164132*** (0.1214663) | −0.0764374 (0.0745745) | 0.0071392*** (0.0032883) | −0.0163632 (0.0578173) |
| Domestic interest rate (−1) | 0.5183742** (0.1300432) | 0.7703966*** (0.0798403) | −0.0034098 (0.0035205) | 0.2292575*** (0.0618999) |
| Foreign interest rate (−1) | 2.613194** (1.310771) | 0.1130593 (0.8047509) | 0.9929505*** (0.0354851) | 0.8727535 (0.6239205) |
| Growth rate (−1) | 0.0078362 (0.2706376) | −0.0719824 (0.1661585) | −0.0050722 (0.0073267) | 0.6440931*** (0.1288221) |
| Constant | −17.6484** (6.057141) | 3.862517 (3.718795) | 0.0658478 (0.1639787) | −5.609101* (2.883169) |
| . | Depreciation of RER . | Domestic Interest Rate . | Foreign Interest Rate . | Growth Rate . |
|---|---|---|---|---|
| Depreciation of RER (−1) | 0.6164132*** (0.1214663) | −0.0764374 (0.0745745) | 0.0071392*** (0.0032883) | −0.0163632 (0.0578173) |
| Domestic interest rate (−1) | 0.5183742** (0.1300432) | 0.7703966*** (0.0798403) | −0.0034098 (0.0035205) | 0.2292575*** (0.0618999) |
| Foreign interest rate (−1) | 2.613194** (1.310771) | 0.1130593 (0.8047509) | 0.9929505*** (0.0354851) | 0.8727535 (0.6239205) |
| Growth rate (−1) | 0.0078362 (0.2706376) | −0.0719824 (0.1661585) | −0.0050722 (0.0073267) | 0.6440931*** (0.1288221) |
| Constant | −17.6484** (6.057141) | 3.862517 (3.718795) | 0.0658478 (0.1639787) | −5.609101* (2.883169) |
*Significance at the 10 percent level.
**significant at the 5 percent level.
***significant at the 1 percent level.
Note: Numbers in parentheses are standard errors.
Source: Authors’ analysis based on data from the International Monetary Fund (IMF), International Financial Statistics database and IMF staff estimates.
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