Purchasing power parity in Mexico since 1933

Latin American Economic Review

Table 3 Estimation results for the error correction term coefficient: models with time period dummies

ECM	No IV^a	IV14	IV15	IV16	IV17	IV18	IV19	IV20	IV21	IV22	IV23	IV24
ZMEX1	−0.0630	−0.1611	−0.1361	−0.1095	−0.1095	−0.0964	−0.0880	−0.0958	−0.0962	−0.0937	−0.0952	− *0.0854*
ZMEX1	−6.123	−2.217	−2.559	−2.471	−2.834	−2.842	−2.847	−3.286	−3.449	−3.510	−3.708	−3.441
ZMEX2	−0.0633	−0.1604	−0.1354	−0.1088	−0.1086	−0.0954	−0.0870	−0.0948	−0.0953	−0.0929	−0.0947	− *0.0849*
ZMEX2	−6.145	−2.197	−2.537	−2.447	−2.803	−2.803	−2.806	−3.247	−3.408	−3.472	−3.673	−3.406
ZMEX3	−0.0678	−0.2046	−0.1671	−0.1328	−0.1278	−0.1090	−0.1003	−0.1075	−0.1064	−0.1039	−0.1058	− *0.0954*
ZMEX3	−5.847	−2.279	−2.736	−2.692	−3.011	−2.959	−3.005	−3.434	−3.562	−3.649	−3.874	−3.623

^aCritical values are affected by the presence of time period dummies hence are unknown. Normal distribution significant values are −1.645 at the 5% level and −2.327 at the 1% level for the IV estimations