Tax (Core) Inflation (%) FDI (USD mm)

Mean 19632.93 Mean 0.055648 Mean 240.017

Standard Error 684.9862 Standard E 0.000309 Standard E 9.986986
Median 19084.22 Median 0.05535 Median 211.68
Mode #N/A Mode 0.0554 Mode 165.28
Standard Deviation 5305.881 Standard D 0.002395 Standard D 77.35886
Sample Variance 28152369 Sample Var5.734E-06 Sample Var 5984.393
Kurtosis 12.13303 Kurtosis 2.475735 Kurtosis 0.744186
Skewness 2.613451 Skewness 1.094206 Skewness 1.152319
Range 38416.9 Range 0.0142 Range 295.17
Minimum 8956.24 Minimum 0.0502 Minimum 154.07
Maximum 47373.14 Maximum 0.0644 Maximum 449.24
Sum 1177976 Sum 3.3389 Sum 14401.02
Count 60 Count 60 Count 60
 Period DSES Tax (Core) Inflation (%) FDI (USD mm) Period
2017-Jan 1296.74 16003.74 5.15% 165.28 7.167609 Jan-17
Feb 1289.45 13677.33 5.31% 165.28 7.161971 17-Feb
Mar 1303.72 17434.98 5.39% 165.28 7.172977 17-Mar
Apr 1272.45 15326.84 5.43% 163.75 7.148699 17-Apr
May 1269.63 15999.15 5.41% 163.75 7.146481 17-May
Jun 1296.74 20095.69 5.36% 163.75 7.167609 17-Jun
Jul 1279.81 14530.93 5.45% 204.66 7.154467 17-Jul
Aug 1283.12 15180.35 5.50% 204.66 7.15705 17-Aug
Sep 1345.86 16139.9 5.55% 204.66 17-Sep
Oct 1277.29 15511.22 5.59% 284.58 17-Oct
Nov 1281.46 16368.25 5.64% 284.58 17-Nov
Dec 1309.67 18217.05 5.70% 284.58 17-Dec
2018-Jan 1310.6 17521.72 5.88% 167.93 Jan-18
Feb 1284.18 16107.68 5.72% 167.93 18-Feb
Mar 1277.65 19132.29 5.68% 167.93 18-Mar
Apr 1294.06 18867.88 5.63% 304.06 18-Apr
May 1247.77 18451.74 5.57% 304.06 18-May
Jun 1263.63 27419.36 5.54% 304.06 18-Jun
Jul 1251.18 14114.83 5.51% 283.21 18-Jul
Aug 1242.81 15292.75 5.48% 283.21 18-Aug
Sep 1,239.07 17965.56 5.43% 283.21 18-Sep
Oct 1,222.48 47373.14 5.40% 449.24 18-Oct
Nov 1,223.47 16631.72 5.37% 449.24 18-Nov
Dec 1,232.82 17625.08 5.35% 449.24 18-Dec
2019-Jan 1,310.59 18847.32 5.42% 345.12 Jan-19
Feb 1,314.64 20020.79 5.47% 345.12 19-Feb
Mar 1,275.45 17274.93 5.55% 345.12 19-Mar
Apr 1,205.14 20468.48 5.58% 218.7 19-Apr
May 1,214.25 20033.66 5.63% 218.7 19-May
Jun 1,244.68 20948.93 5.52% 218.7 19-Jun
Jul 1,181.20 30700.2 5.62% 154.07 19-Jul
Aug 1,183.44 16324.8 5.49% 154.07 19-Aug
Sep 1,138.70 14608.15 5.54% 154.07 19-Sep
Oct 1,075.48 18190.03 5.47% 240.03 19-Oct
Nov 1,082.16 19036.14 6.05% 240.03 19-Nov
Dec 999.82 22237 5.75% 240.03 19-Dec
2020-Jan 1,028.28 20747.92 5.57% 194.06 Jan-20
Feb 1,044.90 19307.01 5.46% 194.06 20-Feb
Mar 920.68 20819.46 5.48% 194.06 20-Mar
Apr 924.68 8956.24 5.96% 201.99 20-Apr
May 951.60 22709.8 5.35% 201.99 20-May
 Jun 925.08 30326.97 6.02% 201.99 20-Jun
Jul 976.49 15082.98 5.53% 182.52 20-Jul
Aug 1132.84 15645.1 5.68% 182.52 20-Aug
Sep 1120.38 20158.37 5.97% 182.52 20-Sep
Oct 1,098.80 18434.51 6.44% 275.95 20-Oct
Nov 1,113.97 19374.28 5.52% 275.95 20-Nov
Dec 1,242.11 23724.47 5.29% 275.95 20-Dec
2021-Jan 1,265.36 22220.69 5.02% 197.25 Jan-21
Feb 1,222.84 21824.75 5.32% 197.25 21-Feb
Mar 1,204.17 25595.73 5.47% 197.25 21-Mar
Apr 1,249.81 19581.84 5.56% 180.05 21-Apr
May 1,286.20 22730.78 5.26% 180.05 21-May
Jun 1,314.75 19423.54 5.64% 180.05 21-Jun
Jul 1,401.04 23594.03 5.36% 223.83 21-Jul
Aug 1,490.29 22689.36 5.54% 223.83 21-Aug
Sep 1592.09 22812.08 5.59% 223.83 21-Sep
Oct 1470.49 20698.03 5.70% 364.06 21-Oct
Nov 1405.55 19389.22 5.98% 364.06 21-Nov
Dec 1431.12 22449.15 6.05% 364.06 21-Dec

#NAME?
DSES log Log return (DSES) Log tax log Inf Log FDI 8956.24 Return
7.1676 9.6806 -2.9662 5.1076 47373.14

7.1620 -0.0008 9.5235 -2.9356 5.1076 38416.9 -0.56218%

7.1730 0.0015 9.7662 -2.9206 5.1076 1.10667%
7.1487 -0.0034 9.6374 -2.9132 5.0983 Min -0.118882 -2.39852%
7.1465 -0.0003 9.6803 -2.9169 5.0983 0.160114 0.160114 -0.22162%
7.1676 0.0030 9.9083 -2.9262 5.0983 0.278996 2.13527%
7.1545 -0.0018 9.5840 -2.9096 5.3214 -1.30558%
7.1570 0.0004 9.6278 -2.9004 5.3214 0.25863%
7.2048 0.0067 9.6890 -2.8914 5.3214 Min tax 8956.24 4.88964%
7.1525 -0.0073 9.6493 -2.8842 5.6510 Max 47373.14 -5.09488%
7.1558 0.0005 9.7031 -2.8753 5.6510 38416.9 0.32647%
7.1775 0.0030 9.8101 -2.8647 5.6510 2.20140%
7.1782 0.0001 9.7712 -2.8336 5.1235 min in 5.02% 0.07101%
7.1579 -0.0028 9.6871 -2.8612 5.1235 Max 6.44% -2.01587%
7.1528 -0.0007 9.8591 -2.8682 5.1235 1.42% -0.50850%
7.1655 0.0018 9.8452 -2.8771 5.7172 1.28439%
7.1291 -0.0051 9.8229 -2.8878 5.7172 min 154.07 -3.57711%
7.1417 0.0018 10.2190 -2.8932 5.7172 max 449.24 1.27107%
7.1318 -0.0014 9.5550 -2.8986 5.6462 295.17 -0.98526%
7.1251 -0.0009 9.6351 -2.9041 5.6462 -0.66897%
7.1221 -0.0004 9.7962 -2.9132 5.6462 -0.30093%
7.1086 -0.0019 10.7658 -2.9188 6.1076 -1.33891%
7.1094 0.0001 9.7191 -2.9243 6.1076 0.08098%
7.1171 0.0011 9.7771 -2.9281 6.1076 0.76422%
7.1782 0.0086 9.8441 -2.9151 5.8439 6.30830%
7.1813 0.0004 9.9045 -2.9059 5.8439 0.30902%
7.1511 -0.0042 9.7570 -2.8914 5.8439 -2.98104%
7.0944 -0.0079 9.9266 -2.8860 5.3877 -5.51256%
7.1019 0.0011 9.9052 -2.8771 5.3877 0.75593%
7.1266 0.0035 9.9498 -2.8968 5.3877 2.50607%
7.0743 -0.0073 10.3320 -2.8788 5.0374 -5.10011%
7.0762 0.0003 9.7004 -2.9022 5.0374 0.18964%
7.0376 -0.0054 9.5893 -2.8932 5.0374 -3.78050%
6.9805 -0.0081 9.8086 -2.9059 5.4808 -5.55195%
6.9867 0.0009 9.8541 -2.8051 5.4808 0.62112%
6.9076 -0.0113 10.0095 -2.8560 5.4808 -7.60886%
6.9356 0.0041 9.9402 -2.8878 5.2682 2.84651%
6.9517 0.0023 9.8682 -2.9077 5.2682 1.61629%
6.8251 -0.0182 9.9436 -2.9041 5.2682 -11.88822%
6.8294 0.0006 9.1001 -2.8201 5.3082 0.43446%
6.8581 0.0042 10.0306 -2.9281 5.3082 2.91128%
6.8299 -0.0041 10.3198 -2.8101 5.3082 -2.78689%
6.8840 0.0079 9.6213 -2.8950 5.2069 5.55736%
7.0325 0.0216 9.6579 -2.8682 5.2069 16.01143%
7.0214 -0.0016 9.9114 -2.8184 5.2069 -1.09989%
7.0020 -0.0028 9.8220 -2.7426 5.6202 -1.92613%
7.0157 0.0020 9.8717 -2.8968 5.6202 1.38060%
7.1246 0.0155 10.0743 -2.9394 5.6202 11.50300%
7.1431 0.0026 10.0088 -2.9917 5.2845 1.87181%
7.1089 -0.0048 9.9908 -2.9337 5.2845 -3.36031%
7.0935 -0.0022 10.1502 -2.9059 5.2845 -1.52677%
7.1307 0.0052 9.8824 -2.8896 5.1932 3.79016%
7.1594 0.0040 10.0315 -2.9450 5.1932 2.91164%
7.1814 0.0031 9.8742 -2.8753 5.1932 2.21972%
7.2450 0.0089 10.0687 -2.9262 5.4109 6.56322%
7.3067 0.0085 10.0297 -2.8932 5.4109 6.37027%
7.3728 0.0090 10.0350 -2.8842 5.4109 6.83089%
7.2934 -0.0108 9.9378 -2.8647 5.8973 -7.63776%
7.2482 -0.0062 9.8725 -2.8167 5.8973 -4.41622%
7.2662 0.0025 10.0190 -2.8051 5.8973 1.81922%
-0.005622 100
0.011067
-0.023985 0.160114
-0.002216 0.160114
0.021353
-0.013056
0.002586
0.048896
-0.050949
0.003265
0.022014
0.00071
-0.020159
-0.005085
0.012844
-0.035771
0.012711
-0.009853
-0.00669
-0.003009
-0.013389
0.00081
0.007642
0.063083
0.00309
-0.02981
-0.055126
0.007559
0.025061
-0.051001
0.001896
-0.037805
-0.055519
0.006211
-0.076089
0.028465
0.016163
-0.118882
0.004345
0.029113
-0.027869
0.055574
0.160114
-0.010999
-0.019261
0.013806
0.11503
0.018718
-0.033603
-0.015268
0.037902
0.029116
0.022197
0.065632
0.063703
0.068309
-0.076378
-0.044162
0.018192
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.4145625452
R Square 0.1718621039
Adjusted R Square 0.1266909459
Standard Error 0.0058554287
Observations 59

ANOVA
df SS MS F Significance F
Regression 3 0.000391342979 0.0001304477 3.804687 0.01500877995
Residual 55 0.00188573248 3.4286045E-05
Total 58 0.002277075459

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

Intercept -0.0999221704 0.05773214593 -1.7307891258 0.089097 -0.2156199763 0.0157756355
Log tax 0.0037151895 0.001225854063 3.0306947326 0.003715 0.00125852301 0.0061718559
log inf -0.0264033902 0.018654343566 -1.4154017332 0.162588 -0.0637875301 0.0109807497
Log FDI -0.0022835819 0.002649705837 -0.8618246725 0.392526 -0.007593711 0.0030265473
 DSES Coefficients Standard Error t Stat P-value
Log tax 0.003715189 0.001225854063 3.0307 0.003715
log inf -0.02640339 0.018654343566 -1.415 0.162588
Log FDI -0.002283582 0.002649705837 -0.862 0.392526
Intercept -0.09992217 0.05773214593 -1.731 0.089097

Lower 95.0% Upper 95.0%

-0.2156199763 0.0157756355
0.001258523 0.0061718559
-0.0637875301 0.0109807497
-0.007593711 0.0030265473
 DSES log Log return Log tax log inf Log FDI
DSES log 1
Log return 0.223464 1
Log tax 0.323313 0.357033 1
log inf -0.172743 -0.175466 0.018839 1
Log FDI 0.233694 -0.066145 0.145244 0.077753 1
 -0.000787 9.523495 -2.935578 5.107641
-0.000787 1
9.523495 0.356456 1
-2.935578 -0.180918 0.010836 1
5.107641 -0.070251 0.138945 0.056286 1
 Log return Log tax log inf Log FDI
Log return 1
Log tax 0.357033 1
log inf -0.175466 0.018839 1
Log FDI -0.066145 0.145244 0.077753 1
 Period DSES log Log return Log tax log inf Log FDI
Feb 7.161971 -0.000787 9.523495 -2.935578 5.107641
Mar 7.172977 0.001537 9.766234 -2.920625 5.107641
Apr 7.148699 -0.003385 9.637361 -2.913231 5.098341
May 7.146481 -0.00031 9.680291 -2.916921 5.098341
Jun 7.167609 0.002956 9.908261 -2.926206 5.098341
Jul 7.154467 -0.001833 9.584035 -2.909555 5.32135
Aug 7.15705 0.000361 9.627757 -2.900422 5.32135
Sep 7.204788 0.00667 9.68905 -2.891372 5.32135
Oct 7.152496 -0.007258 9.649319 -2.884191 5.651014
Nov 7.155755 0.000456 9.703099 -2.875286 5.651014
Dec 7.17753 0.003043 9.810113 -2.864704 5.651014

2018-Jan
7.17824 9.89E-05 9.771197 -2.833613 5.123547
Feb 7.157876 -0.002837 9.687051 -2.861201 5.123547
Mar 7.152778 -0.000712 9.859133 -2.868219 5.123547
Apr 7.16554 0.001784 9.845216 -2.877061 5.717225
May 7.129113 -0.005084 9.822914 -2.887775 5.717225
Jun 7.141744 0.001772 10.219 -2.893176 5.717225
Jul 7.131842 -0.001386 9.554981 -2.898606 5.646189
Aug 7.12513 -0.000941 9.635134 -2.904065 5.646189
Sep 7.122116 -0.000423 9.796212 -2.913231 5.646189
Oct 7.108637 -0.001893 10.76581 -2.918771 6.107557
Nov 7.109446 0.000114 9.719067 -2.924342 6.107557
Dec 7.11706 0.001071 9.777078 -2.928074 6.107557

2019-Jan
7.178233 0.008595 9.844126 -2.915074 5.843892
Feb 7.181318 0.00043 9.904527 -2.905892 5.843892
Mar 7.151054 -0.004214 9.757012 -2.891372 5.843892
Apr 7.094351 -0.007929 9.926641 -2.885981 5.387701
May 7.101882 0.001062 9.905169 -2.877061 5.387701
Jun 7.126634 0.003485 9.949843 -2.896792 5.387701
Jul 7.074286 -0.007345 10.33202 -2.878839 5.037407
Aug 7.076181 0.000268 9.700441 -2.902242 5.037407
Sep 7.037643 -0.005446 9.589335 -2.893176 5.037407
Oct 6.980522 -0.008116 9.808629 -2.905892 5.480764
Nov 6.986714 0.000887 9.854095 -2.805112 5.480764
Dec 6.907575 -0.011327 10.00951 -2.85597 5.480764
2020-Jan
6.935643 0.004063 9.940201 -2.887775 5.268167
Feb 6.951676 0.002312 9.868224 -2.907721 5.268167
Mar 6.825113 -0.018206 5.338473 -2.904065 5.268167
Apr 6.829448 0.000635 9.100106 -2.8201 5.308218
May 6.858145 0.004202 10.03055 -2.928074 5.308218
Jun 6.82988 -0.004121 10.31979 -2.810083 5.308218
Jul 6.883965 0.007919 9.621322 -2.894982 5.20686
Aug 7.032483 0.021575 9.657913 -2.868219 5.20686
Sep 7.021423 -0.001573 9.911375 -2.818423 5.20686
Oct 7.001974 -0.00277 9.82198 -2.742642 5.62022
Nov 7.015685 0.001958 9.871702 -2.896792 5.62022
Dec 7.124567 0.01552 10.07426 -2.939352 5.62022
2021-Jan 7.143112 0.002603 10.00878 -2.99174 5.284472
Feb 7.108931 -0.004785 9.9908 -2.933697 5.284472
Mar 7.093546 -0.002164 10.15018 -2.905892 5.284472
Apr 7.130747 0.005244 9.882358 -2.889572 5.193235
May 7.159447 0.004025 10.03148 -2.945039 5.193235
Jun 7.181402 0.003066 9.874241 -2.875286 5.193235
Jul 7.24497 0.008852 10.06875 -2.926206 5.410887
Aug 7.306726 0.008524 10.02965 -2.893176 5.410887
Sep 7.372803 0.009043 10.03505 -2.884191 5.410887
Oct 7.293351 -0.010776 9.937794 -2.864704 5.897319
Nov 7.248184 -0.006193 9.872473 -2.81675 5.897319
Dec 7.266213 0.002487 10.01901 -2.805112 5.897319
 Return Tax (Core) Inflation (%)

Mean 0.002638 Mean 19289.41 Mean 0.055648

Standard Deviation 0.044632 Standard Deviation 5865.472 Standard Deviation 0.002395
Count 59 Count 60 Count 60
 FDI (USD mm)

Mean 240.017
Standard Deviation 77.35885834
Count 60