Correlation matrix for variables used
| Var. | LTRC | SEA | SE | FDI | LDSP | CPI |
|---|---|---|---|---|---|---|
| LTRC | 1 | |||||
| SEA | −0.357** (−2.447) | 1 | ||||
| SE | 0.541*** (4.117) | −0.590*** (−10.782) | 1 | |||
| FDI | −0.706*** (−6.375) | 0.666*** (5.719) | −0.760*** (−7.483) | 1 | ||
| LDSP | −0.515*** (−3.850) | 0.481*** (8.677) | −0.799*** (−13.156) | 0.809*** (8.813) | 1 | |
| CPI | −0.247 (−1.633) | −0.171 (−1.118) | 0.005 (0.034) | 0.041 (0.265) | 0.024 (0.153) | 1 |
| Var. | SEA | SE | FDI | |||
|---|---|---|---|---|---|---|
| 1 | ||||||
| SEA | −0.357** (−2.447) | 1 | ||||
| SE | 0.541*** (4.117) | −0.590*** (−10.782) | 1 | |||
| FDI | −0.706*** (−6.375) | 0.666*** (5.719) | −0.760*** (−7.483) | 1 | ||
| −0.515*** (−3.850) | 0.481*** (8.677) | −0.799*** (−13.156) | 0.809*** (8.813) | 1 | ||
| −0.247 (−1.633) | −0.171 (−1.118) | 0.005 (0.034) | 0.041 (0.265) | 0.024 (0.153) | 1 |
Note(s): Asterisks ***, ** and * denote statistical significance at 1%, 5% and 10% levels, respectively. Values in parentheses are t-statistics
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