1. Panel estimation | ||
 | CCEMG | DCCEMGb |
 Estimated βa | 0.21 (4.27)c | 0.19 (3.53)c |
 Diagnostic Measures | ||
  RMSE | 3.32 | 3.22 |
  CDp | −4.25 | −4.58 |
2. Individual countries estimation | ||
Country | CCE | DCCE |
 Argentina | −0.65 (0.18) | 0.63 (0.19) |
 Bolivia | 0.74 (1.20) | −0.03(−3.56)c |
 Brazil | 0.41 (0.47) | 0.43 (0.50) |
 Barbados | −0.31 (0.47) | −0.28(− 0.52) |
 Chile | 0.38 (0.17) | 0.41 (017) |
 Columbia | 0.52 (0.36) | 0. 57 (0.74) |
 Costa Rica | 0.12 (4.37)c | −0.04(−3.93)c |
 Dominican Republic | 0.23 0.43) | 0.18 (0.58) |
 Ecuador | 0.21 (0.61) | 0.31 (0.46) |
 El Salvador | 0.09 (0.76) | 0.09 (0.78) |
 Guatemala | 0.04 (4.31)c | 0.0.01 (19.98)c |
 Guyana | 0..24 (0.21) | 0.27 (0.20) |
 Honduras | 0.21 (0.39) | 0.18 0.52) |
 Jamaica | 0.21 (0.31) | 0.11 (0.81) |
 Mexico | 0.06 (2.25)c | −0.12-1.53) |
 Nicaragua | 0.21 (0.42) | 0.22 (0.42) |
 Paraguay | 0.01 (6.23)c | −0.07(− 0.98) |
 Peru | 0.0.53 (0.13) | 0.44 (0.18) |
 Trinidad & Tobago | 0.09 (0.54) | 0.13 (0.44) |
 Uruguay | 0.29 (0.38) | 0.34 (0.35) |