Parameter Estimates of the Model
(Two-step, instrumental variable procedure)
Note: Country-specific dummies and time trends are not reported. Figures in parentheses are t-ratios; R2 denotes the coefficient of determination adjusted for degrees of freedom; σ^ is the estimated error of the regression; SSR is the sum of the squared residuals; and DW is the Durbin-Watson statistic.
|Net foreign assets|
|Parallel market exchange rate|