Set

ex values

Instrumental variables

J-test

(1)

average

(monthly average values)

c R (−1 to −5)

ex (−1, −2, −8, −10) ex² (−1, −2)

1.686^***

(0.189) [0.000]

−1.585

(1.122) [0.166]

−0.301

(0.888) [0.736]

0.380

(0.861) [0.661]

5.933

[0.747]

(2)

end

(end-of-month values)

c R (−1 to −5)

ex (−1, −2, −8, −10) ex² (−1, −2)

1.441^***

(0.243) [0.000]

−2.802

(1.687) [0.105]

−1.039

(1.292) [0.426]

0.742

(0.490) [0.137]

7.209

[0.615]