vtMi = = f(gdpt , it , pt , dcpst , tdmbt , et ), − + /− + + − + /− ln(v M1)t = − 5,344 ln(gdp)t + 2,165 it + [ −12, 643] + 1,844 ln(p)t + 3,214 dcpst − [12,145] [13,590 ] − 0,823 tdmbt + 4286,864, [ −13,513] R 2 = 0,86 , [10,178 ] ∩ ∩ ln(v M 2)t = − 2,407 ln(gdp)t + [ −6,158 ] + 0,531 ln(p)t + 0,616 dcpst + 1927,167, [3, 965] [ 4, 092] R 2 = 0,68 , ln(v M 3)t = − 1,510 ln(gdp)t + [ − 6,516 ] t + 0,267 ln(p)t − 0,175 ln(e)t + 1355,630, [1,716 ] R 2 = 0,87, [–1,775]