Table 2 Correlation matrix Correlation...

Table 2

Correlation matrix

Correlation	FPIin	FPInet	GDPg	Sreturn	Scap	REER	Inf	TB	EPU	EPUvo	WUI	WUIvo
FPIin	1
FPInet	−0.320***	1
p-value	0.000
GDPg	0.227***	−0.113**	1
p-value	0.000	0.038
Sreturn	0.064	−0.053	0.446***	1
p-value	0.246	0.329	0.000
Scap	−0.107*	0.231***	0.156***	0.032	1
p-value	0.053	0.000	0.005	0.570
REER	−0.016	0.121**	0.204***	0.144***	0.134**	1
p-value	0.781	0.032	0.000	0.010	0.019
Inf	−0.090	−0.026	0.328***	0.315***	−0.173***	0.154***	1
p-value	0.110	0.645	0.000	0.000	0.002	0.006
TB	0.340***	0.040	0.248***	0.201***	−0.146***	0.137**	0.404***	1
p-value	0.000	0.465	0.000	0.000	0.008	0.015	0.000
EPU	−0.016	0.016	−0.064	−0.313***	0.019	−0.081	0.031	0.029	1
p-value	0.783	0.776	0.258	0.000	0.738	0.155	0.581	0.616
EPUvo	−0.025	−0.004	0.020	−0.129**	0.049	−0.045	0.047	0.016	0.669***	1
p-value	0.664	0.938	0.730	0.023	0.401	0.432	0.407	0.781	0.000
WUI	0.002	0.024	−0.131**	−0.241***	−0.034	−0.087	−0.097*	−0.017	0.279***	0.270***	1
p-value	0.971	0.668	0.020	0.000	0.553	0.125	0.086	0.768	0.000	0.000
WUIvo	0.047	−0.008	−0.060	−0.137**	−0.015	−0.090	−0.068	−0.003	0.165***	0.211***	0.625***	1
p-value	0.407	0.888	0.291	0.015	0.798	0.110	0.232	0.964	0.004	0.000	0.000

Correlation	FPIin	FPInet	GDPg	Sreturn	Scap	REER	Inf	TB	EPU	EPUvo	WUI	WUIvo
FPIin	1
FPInet	−0.320***	1
p-value	0.000
GDPg	0.227***	−0.113**	1
p-value	0.000	0.038
Sreturn	0.064	−0.053	0.446***	1
p-value	0.246	0.329	0.000
Scap	−0.107*	0.231***	0.156***	0.032	1
p-value	0.053	0.000	0.005	0.570
REER	−0.016	0.121**	0.204***	0.144***	0.134**	1
p-value	0.781	0.032	0.000	0.010	0.019
Inf	−0.090	−0.026	0.328***	0.315***	−0.173***	0.154***	1
p-value	0.110	0.645	0.000	0.000	0.002	0.006
TB	0.340***	0.040	0.248***	0.201***	−0.146***	0.137**	0.404***	1
p-value	0.000	0.465	0.000	0.000	0.008	0.015	0.000
EPU	−0.016	0.016	−0.064	−0.313***	0.019	−0.081	0.031	0.029	1
p-value	0.783	0.776	0.258	0.000	0.738	0.155	0.581	0.616
EPUvo	−0.025	−0.004	0.020	−0.129**	0.049	−0.045	0.047	0.016	0.669***	1
p-value	0.664	0.938	0.730	0.023	0.401	0.432	0.407	0.781	0.000
WUI	0.002	0.024	−0.131**	−0.241***	−0.034	−0.087	−0.097*	−0.017	0.279***	0.270***	1
p-value	0.971	0.668	0.020	0.000	0.553	0.125	0.086	0.768	0.000	0.000
WUIvo	0.047	−0.008	−0.060	−0.137**	−0.015	−0.090	−0.068	−0.003	0.165***	0.211***	0.625***	1
p-value	0.407	0.888	0.291	0.015	0.798	0.110	0.232	0.964	0.004	0.000	0.000

Note(s): *, **, *** are significant levels at 10, 5 and 1%, respectively