to M2 (1957–2004) 1 36. 0 23. 4 32. 0 42. 9 49. 5 35. 0 38. 5 42. 8 39. 1 21. 8 38. 5 38. 2 43. 4 39. 8 14. 8 34. 3 31 … coefficient. The test is con- ducted for time averages computed from the full sample period (1957–2004) and from the two sub …-Exchange Rate Regime Effects 1. 1957–2004 Region 0.2721** 0.3097*** 0.3099*** 0.3721*** 0.1672 0.4553*** 0.3207*** Asian …

averages computed from the full sample period (1957-2004) and from the two sub-periods (1957-1989 and 1990-2004). Table 2 … correlation is given in Section B of Appendix 4. The rank correlation estimates calculated from three sample periods (1957-2004 … over the 1957-2004 period. 11 Most of the top 10 and bottom 10 economies are developing economies. Developed economies …