Table 7.
System regression analysis for forecasting COVID-19 pandemic
| Equation 1 | Policy rate | Res. req. | Macro-financial |
|---|---|---|---|
| PPP | −0.59*** | −0.40*** | −0.23*** |
| (−6.58) | (−4.58) | (−6.25) | |
| ESP | −21.48*** | −14.57*** | 5.04*** |
| (−6.25) | (−5.26) | (3.9) | |
| WS | 0.07*** | −0.031** | −0.03* |
| (0.145) | (−0.58) | (−2.10) | |
| AB | 0.23** | −0.52*** | 0.214*** |
| (3.42) | (−4.57) | (4.76) | |
| LGRF | 0.6454** | 0.7435*** | 0.422*** |
| (3.52) | (3.21) | (3.89) | |
| GC | 0.31*** | 0.41*** | 0.02* |
| (3.45) | (4.89) | (2.21) | |
| CRF | −0.68*** | 0.05*** | −0.318*** |
| (−2.99) | -0.21 | (−4.15) | |
| LA | 0.35*** | 0.21*** | 0.64** |
| (0.205) | (0.210) | (0.214) | |
| ER | −5.87*** | −7.65*** | −5.48*** |
| (−3.47) | (−5.87) | (−5.48) | |
| IR | 0.387*** | 0.535*** | 0.749*** |
| (4.447) | (4.452) | (5.033) | |
| R-squared | 0.24 | 0.23 | 0.23 |
| Exchange rate | YES | YES | YES |
*, **, and *** indicate the level of significance at 10%, 5%, and 1% respectively