Table 5.
Open in new tab

Estimated Variance–Covariance Matrix (Σ̂)

Depreciation of RERDomestic Interest RateForeign Interest RateGrowth Rate
Depreciation of RER81.1591−6.30625−0.16548923.1178
Domestic interest rate−6.3062530.5919−0.1646067.36655
Foreign interest rate−0.165489−0.1646060.0594810.112955
Growth rate23.11787.366550.11295518.3883
Depreciation of RERDomestic Interest RateForeign Interest RateGrowth Rate
Depreciation of RER81.1591−6.30625−0.16548923.1178
Domestic interest rate−6.3062530.5919−0.1646067.36655
Foreign interest rate−0.165489−0.1646060.0594810.112955
Growth rate23.11787.366550.11295518.3883

Source: Authors’ analysis based on data from the International Monetary Fund (IMF), International Financial Statistics database and IMF staff estimates.

Table 5.
Open in new tab

Estimated Variance–Covariance Matrix (Σ̂)

Depreciation of RERDomestic Interest RateForeign Interest RateGrowth Rate
Depreciation of RER81.1591−6.30625−0.16548923.1178
Domestic interest rate−6.3062530.5919−0.1646067.36655
Foreign interest rate−0.165489−0.1646060.0594810.112955
Growth rate23.11787.366550.11295518.3883
Depreciation of RERDomestic Interest RateForeign Interest RateGrowth Rate
Depreciation of RER81.1591−6.30625−0.16548923.1178
Domestic interest rate−6.3062530.5919−0.1646067.36655
Foreign interest rate−0.165489−0.1646060.0594810.112955
Growth rate23.11787.366550.11295518.3883

Source: Authors’ analysis based on data from the International Monetary Fund (IMF), International Financial Statistics database and IMF staff estimates.

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