| 汇改前 | 汇改后 | ||||
| (1) | (2) | (1) | (2) | ||
跨境资本流动 | −1.1086*** | −0.5889 | −0.2487** | −0.1553 | ||
社会融资规模 | 0.3887 | 0.1798 | 0.0131 | 0.0162 | ||
M2增量 | 0.1645 | 0.1644 | 0.0310 | 0.0026 | ||
PMI指数 | −0.4201 | −0.0902 | −0.2392 | −0.1555 | ||
汇率 | — | 0.3100** | — | 0.3041*** | ||
_cons | 1.3689*** | 0.5596 | 0.4813*** | 0.1237 | ||
| (3) | |||||
汇改前 | 汇改后 | |||||
跨境资本流动 | −1.8726*** | −0.2974** | ||||
_cons | 1.9847*** | 0.9773*** | ||||