were stated in millions of US dollars. Annual changes in the levels of net exports were calculated in percentage terms, and the net export growth variable was stated as a percent.
5. International currency exchange rate of the Colombian peso (EXCRAT). Data pertaining to the international currency exchange rate of the Colombian peso were stated as a number of Colombian pesos per one US dollar. Actual exchange rates, as opposed to annual percentage changes in the exchange rates, were used to represent this variable.
6. The domestic price inflation rate in Colombia (INFLAT). Data pertaining to the domestic price levels in the Colombian economy were stated in the form of index numbers. Annual changes in domestic price levels were calculated in percentage terms, and the inflation rate variable was stated as a percent.
7. The domestic rate of interest in the Colombian economy (INTRAT). Data pertaining to the domestic rate of interest in the Colombian economy reflected the discount rate set by the
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