Fig 1.
$Debt and $Reserves of Sri Lanka from 1997 to 2022 compared to the exchange rate.
Sources: Author’s illustration based on data from The CBSL, The World Bank and Macrotrends.
Fig 2.
CRISIS index fairly represent the situation in Sri Lanka.
Source: Author’s illustration based on data from the CBSL and the World Bank.
Fig 3.
Theoretical framework.
Table 1.
Descriptive statistics.
Table 2.
Correlations.
Table 3.
Regression.
Table 4.
PS&AV on $Reserves.
Table 5.
PS&AVT on $Debt.
Table 6.
Lagged DV regression- (CRISIS t-1 with the independent variables).
Table 7.
Granger causality test results.
Table 8.
CRISIS t-1 as a control variable.
Table 9.
Regression on the error term (Residual).
Fig 4.
Independent variables Vs Regression residuals.
•(p < .05), ••(p < .01), •••(p < .001).
Fig 5.
Regression results.
Fig 6.
Change of estimates of WGI over 20 years.
Source: Author’s illustration based on data from the World Bank.
Fig 7.
Source: Author’s illustration based on data from the World Bank.