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$SFINTLWA{R}_{r,t}=((0.1420+0.0012*INFMO{R}_{r,t}-0.0006*TRADEOPE{N}_{r,t})+F(POLITYDEMO{C}_{r,t},YTHBULG{E}_{r,t},GDPM{A}_{r,t},SFINTLWARM{A}_{r,t}))*{\mathbf{𝐬}\mathbf{𝐟}\mathbf{𝐢}\mathbf{𝐧}\mathbf{𝐭}\mathbf{𝐥}\mathbf{𝐰}\mathbf{𝐚}\mathbf{𝐫}\mathbf{𝐦}}_{r,t}$

where

<math>TRADEOPEN_{r,t}=(X_{r,t}+M_{r,t})/GDP_{r,t}