	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
VARIABLES	OLS CPIS newdep	PPML CPIS newdep	OLS FDI newdep	PPML FDI newdep	OLS CPIS newdep	PPML CPIS newdep	OLS FDI newdep	PPML FDI newdep	OLS CPIS newdep	PPML CPIS newdep	OLS FDI newdep	PPML FDI newdep	OLS CPIS newdep	PPML CPIS newdep	OLS FDI newdep	PPML FDI newdep	OLS CPIS newdep	PPML CPIS newdep	OLS FDI newdep	PPML FDI newdep
																				
1.nn#1bn.trend	0.157	0.105	0.127	0.077	0.157	0.105	0.127	0.077	0.157	0.105	0.127	0.077	0.157	0.105	0.127	0.077	0.157	0.105	0.127	0.077
1.nn#2.trend	0.324	0.255	0.209	0.117	0.324	0.255	0.209	0.117	0.324	0.255	0.209	0.117	0.324	0.255	0.209	0.117	0.324	0.255	0.209	0.117
1.nn#3.trend	0.433	0.355	0.282	0.135	0.433	0.355	0.282	0.135	0.433	0.355	0.282	0.135	0.433	0.355	0.282	0.135	0.433	0.355	0.282	0.135
1.nn#4.trend	0.472	0.385	0.199	0.087	0.472	0.385	0.199	0.087	0.472	0.385	0.199	0.087	0.472	0.385	0.199	0.087	0.472	0.385	0.199	0.087
1.nn#5.trend	0.649	0.568	0.368	0.200	0.649	0.568	0.368	0.200	0.649	0.568	0.368	0.200	0.649	0.568	0.368	0.200	0.649	0.568	0.368	0.200
1.nn#6.trend	0.723	0.596	0.451	0.273	0.723	0.596	0.451	0.273	0.723	0.596	0.451	0.273	0.723	0.596	0.451	0.273	0.723	0.596	0.451	0.273
1.nn#7.trend	0.338	0.344	0.424	0.227	0.338	0.344	0.424	0.227	0.338	0.344	0.424	0.227	0.338	0.344	0.424	0.227	0.338	0.344	0.424	0.227
1.nn#8.trend	0.623	0.620	0.653	0.415	0.623	0.620	0.653	0.415	0.623	0.620	0.653	0.415	0.623	0.620	0.653	0.415	0.623	0.620	0.653	0.415
1.nn#9.trend	0.562	0.584	0.687	0.437	0.562	0.584	0.687	0.437	0.562	0.584	0.687	0.437	0.562	0.584	0.687	0.437	0.562	0.584	0.687	0.437
1.nn#10.trend	0.360	0.444	0.598	0.363	0.360	0.444	0.598	0.363	0.360	0.444	0.598	0.363	0.360	0.444	0.598	0.363	0.360	0.444	0.598	0.363
1.nn#11.trend	0.446	0.572	0.731	0.486	0.446	0.572	0.731	0.486	0.446	0.572	0.731	0.486	0.446	0.572	0.731	0.486	0.446	0.572	0.731	0.486
1.nn#12.trend	0.593	0.663	0.757	0.513	0.593	0.663	0.757	0.513	0.593	0.663	0.757	0.513	0.593	0.663	0.757	0.513	0.593	0.663	0.757	0.513
1.nn#13.trend	0.567	0.636	0.692	0.475	0.567	0.636	0.692	0.475	0.567	0.636	0.692	0.475	0.567	0.636	0.692	0.475	0.567	0.636	0.692	0.475
1.nn#14.trend	0.636	0.668	0.791	0.579	0.636	0.668	0.791	0.579	0.636	0.668	0.791	0.579	0.636	0.668	0.791	0.579	0.636	0.668	0.791	0.579
1.nn#15.trend	0.625	0.664	0.830	0.648	0.625	0.664	0.830	0.648	0.625	0.664	0.830	0.648	0.625	0.664	0.830	0.648	0.625	0.664	0.830	0.648
1.nn#16.trend	0.743	0.769	0.891	0.730	0.743	0.769	0.891	0.730	0.743	0.769	0.891	0.730	0.743	0.769	0.891	0.730	0.743	0.769	0.891	0.730
1.nn#17.trend	0.588	0.618	0.856	0.655	0.588	0.618	0.856	0.655	0.588	0.618	0.856	0.655	0.588	0.618	0.856	0.655	0.588	0.618	0.856	0.655
1.ns#1bn.trend	0.084	-0.145	0.134	0.050	0.084	-0.145	0.134	0.050	0.084	-0.145	0.134	0.050	0.084	-0.145	0.134	0.050	0.084	-0.145	0.134	0.050
1.ns#2.trend	0.492	0.215	0.166	0.150	0.492	0.215	0.166	0.150	0.492	0.215	0.166	0.150	0.492	0.215	0.166	0.150	0.492	0.215	0.166	0.150
1.ns#3.trend	0.487	0.308	0.228	0.178	0.487	0.308	0.228	0.178	0.487	0.308	0.228	0.178	0.487	0.308	0.228	0.178	0.487	0.308	0.228	0.178
1.ns#4.trend	0.708	0.522	0.204	0.267	0.708	0.522	0.204	0.267	0.708	0.522	0.204	0.267	0.708	0.522	0.204	0.267	0.708	0.522	0.204	0.267
1.ns#5.trend	0.987	0.726	0.416	0.311	0.987	0.726	0.416	0.311	0.987	0.726	0.416	0.311	0.987	0.726	0.416	0.311	0.987	0.726	0.416	0.311
1.ns#6.trend	1.195	0.855	0.504	0.384	1.195	0.855	0.504	0.384	1.195	0.855	0.504	0.384	1.195	0.855	0.504	0.384	1.195	0.855	0.504	0.384
1.ns#7.trend	0.572	0.228	0.422	0.200	0.572	0.228	0.422	0.200	0.572	0.228	0.422	0.200	0.572	0.228	0.422	0.200	0.572	0.228	0.422	0.200
1.ns#8.trend	1.045	0.768	0.740	0.566	1.045	0.768	0.740	0.566	1.045	0.768	0.740	0.566	1.045	0.768	0.740	0.566	1.045	0.768	0.740	0.566
1.ns#9.trend	1.079	0.947	0.848	0.626	1.079	0.947	0.848	0.626	1.079	0.947	0.848	0.626	1.079	0.947	0.848	0.626	1.079	0.947	0.848	0.626
1.ns#10.trend	0.874	0.738	0.844	0.569	0.874	0.738	0.844	0.569	0.874	0.738	0.844	0.569	0.874	0.738	0.844	0.569	0.874	0.738	0.844	0.569
1.ns#11.trend	1.153	1.005	0.996	0.693	1.153	1.005	0.996	0.693	1.153	1.005	0.996	0.693	1.153	1.005	0.996	0.693	1.153	1.005	0.996	0.693
1.ns#12.trend	1.319	1.049	1.045	0.675	1.319	1.049	1.045	0.675	1.319	1.049	1.045	0.675	1.319	1.049	1.045	0.675	1.319	1.049	1.045	0.675
1.ns#13.trend	1.403	1.085	0.988	0.634	1.403	1.085	0.988	0.634	1.403	1.085	0.988	0.634	1.403	1.085	0.988	0.634	1.403	1.085	0.988	0.634
1.ns#14.trend	1.320	1.033	1.104	0.820	1.320	1.033	1.104	0.820	1.320	1.033	1.104	0.820	1.320	1.033	1.104	0.820	1.320	1.033	1.104	0.820
1.ns#15.trend	1.474	1.101	1.156	0.818	1.474	1.101	1.156	0.818	1.474	1.101	1.156	0.818	1.474	1.101	1.156	0.818	1.474	1.101	1.156	0.818
1.ns#16.trend	1.677	1.281	1.160	0.840	1.677	1.281	1.160	0.840	1.677	1.281	1.160	0.840	1.677	1.281	1.160	0.840	1.677	1.281	1.160	0.840
1.ns#17.trend	1.579	1.121	1.100	0.806	1.579	1.121	1.100	0.806	1.579	1.121	1.100	0.806	1.579	1.121	1.100	0.806	1.579	1.121	1.100	0.806
1.sn#1bn.trend	0.275	0.272	0.151	0.180	0.275	0.272	0.151	0.180	0.275	0.272	0.151	0.180	0.275	0.272	0.151	0.180	0.275	0.272	0.151	0.180
1.sn#2.trend	0.400	0.423	0.128	0.084	0.400	0.423	0.128	0.084	0.400	0.423	0.128	0.084	0.400	0.423	0.128	0.084	0.400	0.423	0.128	0.084
1.sn#3.trend	0.380	0.442	0.244	0.149	0.380	0.442	0.244	0.149	0.380	0.442	0.244	0.149	0.380	0.442	0.244	0.149	0.380	0.442	0.244	0.149
1.sn#4.trend	0.419	0.489	0.213	0.122	0.419	0.489	0.213	0.122	0.419	0.489	0.213	0.122	0.419	0.489	0.213	0.122	0.419	0.489	0.213	0.122
1.sn#5.trend	0.870	0.637	0.441	0.363	0.870	0.637	0.441	0.363	0.870	0.637	0.441	0.363	0.870	0.637	0.441	0.363	0.870	0.637	0.441	0.363
1.sn#6.trend	1.042	0.662	0.626	0.363	1.042	0.662	0.626	0.363	1.042	0.662	0.626	0.363	1.042	0.662	0.626	0.363	1.042	0.662	0.626	0.363
1.sn#7.trend	0.872	0.415	0.684	0.368	0.872	0.415	0.684	0.368	0.872	0.415	0.684	0.368	0.872	0.415	0.684	0.368	0.872	0.415	0.684	0.368
1.sn#8.trend	0.944	0.710	1.110	0.607	0.944	0.710	1.110	0.607	0.944	0.710	1.110	0.607	0.944	0.710	1.110	0.607	0.944	0.710	1.110	0.607
1.sn#9.trend	0.948	0.685	1.267	0.737	0.948	0.685	1.267	0.737	0.948	0.685	1.267	0.737	0.948	0.685	1.267	0.737	0.948	0.685	1.267	0.737
1.sn#10.trend	0.666	0.457	1.269	0.639	0.666	0.457	1.269	0.639	0.666	0.457	1.269	0.639	0.666	0.457	1.269	0.639	0.666	0.457	1.269	0.639
1.sn#11.trend	0.674	0.525	1.354	0.746	0.674	0.525	1.354	0.746	0.674	0.525	1.354	0.746	0.674	0.525	1.354	0.746	0.674	0.525	1.354	0.746
1.sn#12.trend	0.689	0.549	1.297	0.736	0.689	0.549	1.297	0.736	0.689	0.549	1.297	0.736	0.689	0.549	1.297	0.736	0.689	0.549	1.297	0.736
1.sn#13.trend	0.769	0.520	1.331	0.706	0.769	0.520	1.331	0.706	0.769	0.520	1.331	0.706	0.769	0.520	1.331	0.706	0.769	0.520	1.331	0.706
1.sn#14.trend	0.942	0.646	1.466	0.781	0.942	0.646	1.466	0.781	0.942	0.646	1.466	0.781	0.942	0.646	1.466	0.781	0.942	0.646	1.466	0.781
1.sn#15.trend	1.103	0.763	1.463	0.792	1.103	0.763	1.463	0.792	1.103	0.763	1.463	0.792	1.103	0.763	1.463	0.792	1.103	0.763	1.463	0.792
1.sn#16.trend	1.303	0.851	1.532	0.827	1.303	0.851	1.532	0.827	1.303	0.851	1.532	0.827	1.303	0.851	1.532	0.827	1.303	0.851	1.532	0.827
1.sn#17.trend	1.279	0.796	1.447	0.749	1.279	0.796	1.447	0.749	1.279	0.796	1.447	0.749	1.279	0.796	1.447	0.749	1.279	0.796	1.447	0.749
1.ss#1bn.trend	0.118	0.173	-0.009	-0.180	0.118	0.173	-0.009	-0.180	0.118	0.173	-0.009	-0.180	0.118	0.173	-0.009	-0.180	0.118	0.173	-0.009	-0.180
1.ss#2.trend	0.859	0.703	-0.213	-0.075	0.859	0.703	-0.213	-0.075	0.859	0.703	-0.213	-0.075	0.859	0.703	-0.213	-0.075	0.859	0.703	-0.213	-0.075
1.ss#3.trend	0.470	0.731	0.012	0.003	0.470	0.731	0.012	0.003	0.470	0.731	0.012	0.003	0.470	0.731	0.012	0.003	0.470	0.731	0.012	0.003
1.ss#4.trend	0.789	0.941	0.026	0.045	0.789	0.941	0.026	0.045	0.789	0.941	0.026	0.045	0.789	0.941	0.026	0.045	0.789	0.941	0.026	0.045
1.ss#5.trend	1.361	1.383	0.049	0.239	1.361	1.383	0.049	0.239	1.361	1.383	0.049	0.239	1.361	1.383	0.049	0.239	1.361	1.383	0.049	0.239
1.ss#6.trend	1.713	1.828	0.373	0.552	1.713	1.828	0.373	0.552	1.713	1.828	0.373	0.552	1.713	1.828	0.373	0.552	1.713	1.828	0.373	0.552
1.ss#7.trend	1.149	1.274	0.531	0.098	1.149	1.274	0.531	0.098	1.149	1.274	0.531	0.098	1.149	1.274	0.531	0.098	1.149	1.274	0.531	0.098
1.ss#8.trend	1.348	1.637	0.890	0.270	1.348	1.637	0.890	0.270	1.348	1.637	0.890	0.270	1.348	1.637	0.890	0.270	1.348	1.637	0.890	0.270
1.ss#9.trend	1.417	1.684	0.907	0.341	1.417	1.684	0.907	0.341	1.417	1.684	0.907	0.341	1.417	1.684	0.907	0.341	1.417	1.684	0.907	0.341
1.ss#10.trend	1.381	1.489	1.011	0.312	1.381	1.489	1.011	0.312	1.381	1.489	1.011	0.312	1.381	1.489	1.011	0.312	1.381	1.489	1.011	0.312
1.ss#11.trend	1.663	1.707	1.236	0.345	1.663	1.707	1.236	0.345	1.663	1.707	1.236	0.345	1.663	1.707	1.236	0.345	1.663	1.707	1.236	0.345
1.ss#12.trend	1.313	1.728	1.195	0.404	1.313	1.728	1.195	0.404	1.313	1.728	1.195	0.404	1.313	1.728	1.195	0.404	1.313	1.728	1.195	0.404
1.ss#13.trend	1.573	1.776	1.205	0.407	1.573	1.776	1.205	0.407	1.573	1.776	1.205	0.407	1.573	1.776	1.205	0.407	1.573	1.776	1.205	0.407
1.ss#14.trend	1.691	1.614	1.433	0.464	1.691	1.614	1.433	0.464	1.691	1.614	1.433	0.464	1.691	1.614	1.433	0.464	1.691	1.614	1.433	0.464
1.ss#15.trend	1.832	1.617	1.371	0.477	1.832	1.617	1.371	0.477	1.832	1.617	1.371	0.477	1.832	1.617	1.371	0.477	1.832	1.617	1.371	0.477
1.ss#16.trend	2.073	1.747	1.518	0.500	2.073	1.747	1.518	0.500	2.073	1.747	1.518	0.500	2.073	1.747	1.518	0.500	2.073	1.747	1.518	0.500
1.ss#17.trend	2.184	1.681	1.676	0.489	2.184	1.681	1.676	0.489	2.184	1.681	1.676	0.489	2.184	1.681	1.676	0.489	2.184	1.681	1.676	0.489
Constant	-8.074	-3.614	-7.198	-3.393	-8.074	-3.614	-7.198	-3.393	-8.074	-3.614	-7.198	-3.393	-8.074	-3.614	-7.198	-3.393	-8.074	-3.614	-7.198	-3.393
																				
Observations	17,784	19,179	16,957	18,548	17,784	19,179	16,957	18,548	17,784	19,179	16,957	18,548	17,784	19,179	16,957	18,548	17,784	19,179	16,957	18,548
R-squared	0.902		0.896		0.902		0.896		0.902		0.896		0.902		0.896		0.902		0.896	
Robust standard errors in parentheses																				
