Table 2 Pearson correlation matrix...

Table 2

Pearson correlation matrix

Variables	LNGDP	TRADE	UR	IND	LNIP	VIF
LNGDP	1.000					3.328
LNGDP	–					3.328
TRADE	0.552***	1.000				2.278
TRADE	(<0.001)	–				2.278
UR	0.824***	0.529***	1.000			3.409
UR	(<0.001)	(<0.001)	–			3.409
IND	0.263***	0.238***	0.249***	1.000		1.091
IND	(<0.001)	(<0.001)	(<0.001)	–		1.091
IP	−0.068	−0.502***	0.010	−0.060	1.000	1.558
IP	(0.218)	(<0.001)	(0.861)	(0.277)	–	1.558

Variables	LNGDP	TRADE	UR	IND	LNIP	VIF
LNGDP	1.000					3.328
LNGDP	–					3.328
TRADE	0.552***	1.000				2.278
TRADE	(<0.001)	–				2.278
UR	0.824***	0.529***	1.000			3.409
UR	(<0.001)	(<0.001)	–			3.409
IND	0.263***	0.238***	0.249***	1.000		1.091
IND	(<0.001)	(<0.001)	(<0.001)	–		1.091
IP	−0.068	−0.502***	0.010	−0.060	1.000	1.558
IP	(0.218)	(<0.001)	(0.861)	(0.277)	–	1.558

Note(s): The sample has 329 observations in West and South Asian countries from 2000 to 2020. Variable definitions are in Appendix A. Significance: *p < 0.10, **p < 0.05, ***p < 0.01

Source(s): Authors’ calculations

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