Research Article
A Study of RMB Internationalization Path Based on Border Area Perspective
Table 5
Econometric regression results of divisional model 4 to 6.
| | Variable indicator and code | Southern Yunnan (model 4) | Central Yunnan (model 5) | Northern Yunnan (model 6) | | Variable parameter | Estimated value of variable parameter | Variable parameter | Estimated value of variable parameter | Variable parameter | Estimated value of variable parameter |
| | Constant term | c1 | −5.1907 | c2 | 3.3347 | c3 | 41.657 | | Local GDP (ln gdp) | β1 | 1.5843 | γ1 | 2.1006 | σ1 | −6.3848 | | Total volume of foreign trade (ln trad) | β2 | 1.5331 | γ2 | 0.2019 | σ2 | 2.7323 | | Foreign direct investment amount (ln fdi) | β3 | 0.5748 | γ3 | 0.2124 | σ3 | 0.0099 | | Balance of deposits and loans in domestic and foreign currency for financial institutions (ln fina) | β4 | −2.4729 | γ4 | 0.2849 | σ4 | 3.9652 | | Consumer price index (ln cpi) | β5 | 0.0275 | γ5 | −0.0783 | σ5 | −0.441 | | Adjusted R-squared, R2 | 0.6828 | 0.998163 | 0.850353 | | F statistical value | 17.78842 | 1291.449 | 14.49568 | | DW statistics | 1.415892 | 2.20737 | 2.53379 |
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∗∗ and ∗∗∗ represent the 5% and 1% significance levels for t statistics of all parameters, respectively.
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