The export revenue variance (VAREX) should be negatively related to the probability of debt rescheduling.

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The export revenue variance (VAREX) being negatively related to the probability of debt rescheduling suggests that higher export revenue variability would lead to a lower probability of debt rescheduling. However, in reality, higher export revenue variance typically indicates greater economic instability or unpredictability, which could increase the likelihood of a country facing difficulties in meeting its debt obligations, thereby potentially increasing the probability of debt rescheduling.

The Export Revenue Variance (VAREX) Should Be Negatively Related to the Probability