I'm trying to explain the evolution of productivity(total factor productivity) by its determinants in my country with 46 observations for each variable I explain:
I have the rate of growth of productivty a time series and I'm trying to explain it with the following independent variables:
- openness to trade
- political stability
- inflation rate
- human capital
- credits to private sector
- foreign investements
These variables are ratios to gdp except the dependant variable which is productivity,and other variables(human capital, inflation rate, political stability).
I found no correlation between the independent variables and the productivity (dependent) variable.
What could be the appropriate model for such a case ?
And that's the correlation matrix and the p-value matrix of correlation.
The dependent variable is
ptfg the second column of the data set.