Table 4.

Regression analysis

	(1)	(2)	(3)	(4)	(5)	(6)
ESP	−18.87***	−33.32***	−23.64***	−15.43***	−18.21***	−31.2***
	(−6.08)	(−6.54)	(−6.24)	(−3.76)	(−5.01)	(−4.63)
WS		0.67***	0.38***		−0.38***	−0.80***
		(3.79)	(1.99)		(−4.21)	(−5.36)
AB		327.61***	647.31**		634.01*	1127.33**
		(0.78)	(1.78)		(2.56)	(3.52)
LGRF		0.18***	0.31***		0.42***	0.43***
		(4.41)	(3.3)		(6.23)	(5.4)
GC		−0.31*	−0.65***		−0.21**	−0.26***
		(−2.14)	(−4.21)		(−0.59)	(−0.67)
CRF			−0.63***			−0.60***
			(−4.59)			(−5.87)
LA			0.07***			−0.05***
			(3.1)			(−0.75)
ER			−5.37			−24.22***
			(−2.23)			(−3.73)
IR			−6.47*			6.43**
			(−2.03)			−3.45
R-squared	0.06	0.12	0.31	0.08	0.21	0.18
Exchange rate regime	No	No	Yes	No	No	Yes

*, **, and *** indicate the level of significance at 10%, 5%, and 1%respectively. All regressions include regional, and version dummies. Robust t statistics are in parentheses