(d)

(e)

(f)

Pooled panel

t-value

Individual fixed

t-value

Individual random

t-value

Constant

−38,223.006^***

(−61.033)

−11,061.072^***

(−30.063)

lag (Income)

0.309^***

(11.369)

0.261^***

(4.877)

0.112^***

(4.954)

lag (EC_Domestic)

169.24^***

(14.599)

134.782^***

(4.670)

54.307^***

(6.586)

lag (EC_Commercial)

38.246^**

(2.94)

−6.604

(−0.180)

−5.432

(−0.649)

lag (EC_Light Industry)

−13.514^**

(−3.055)

0.517

(0.072)

−22.808^***

(−5.016)

lag (EC_Heavy Industry)

8.595^***

(3.845)

14.282^*

(2.320)

0.923

(0.597)

lag (EC_Agriculture)

2.344

(0.723)

16.113

(1.148)

6.774^***

(3.595)

lag (ECT)

0.898^***

(32.104)

0.889^***

(23.289)

0.87^***

(18.666)

R²

98.118

87.967

90.954

Adj. R²

93.273

74.392

86.462