Table 9.
Robustness checks with percentage pointcuts
| Policy rate | Policy rate | Policy rate | Reserve requirements | |
|---|---|---|---|---|
| PPP | −2.23*** | −2.35*** | −3.11*** | −0.59** |
| (−6.99) | (−7.06) | (−8.76) | (−3.24) | |
| ESP | −0.041*** | 0.04*** | 0.04*** | |
| (−4.54) | (-2.75) | (-2.54) | ||
| WS | −0.0087* | 0.0003 | 0.003 | |
| (-3.21) | (-0.48) | (-0.35) | ||
| AB | −0.28** | −0.06*** | 0.08*** | |
| (-2.45) | (−0.56) | (-0.41) | ||
| LGRF | 0.03*** | −0.04*** | −0.23*** | |
| (−0.04) | (−2.34) | (−0.73) | ||
| GC | −0.79*** | 0.05*** | ||
| (−8.02) | (-4.001) | |||
| CRF | −0.65*** | 0.24*** | ||
| (−4.54) | (-2.34) | |||
| LA | 0.06*** | 0.062** | ||
| (-5.24) | (-2.34) | |||
| ER | 0.002** | 0.004*** | ||
| (-0.62) | (-0.560) | |||
| IR | −0.04*** | −0.04** | ||
| (−4.45) | (−2.23) | |||
| R-squared | 0.07 | 0.22 | 0.3 | 0.23 |
| Exch. rate dummies | NO | NO | YES | YES |
*, **, and *** indicate the level of significance at 10%, 5%, and 1% respectively