Aizenman, Joshua; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2007
variables, combined with regional dummy variables, Latin America,
Sub-Saharan Africa, Asia, and OECD, form our base …
as in Latin America. Sub-Saharan African countries are classified as in Sub-Saharan Africa. Non-OECD South and
East …, usually with a coefficient value around 1. The one
exception is when we drop the countries in the Latin America region, which …