Table 1 Variables and representation
Variables | Specification | Representation |
|---|---|---|
nominal interest rate | annual rate of interest on 91-day TBs | ia1t |
annual rate of interest on 364-day TBs | ia2t | |
quarterly series of call money rate | iq1t | |
quarterly series of interest on 364-day TBs | iq2t | |
budget deficit | budget deficit as the percentage of GDP | Bt |
money supply growth | annual series of real M1 money supply growth | M1at |
annual series of real M2 money supply growth | M2at | |
quarterly series of real M1 money growth | M1qt | |
quarterly series of real M2 money growth | M2qt | |
rate of change of exchange rate | rate of change of annual exchange rate | Eat |
rate of change of quarterly exchange rate | Eqt | |
real income growth | growth of annual real GDP at factor cost | Yat |
growth of quarterly real GDP at factor cost | Yqt |