Dependent variable

Explicative variables

Y1

Y2

Y3

CONSTANT

−1.9312***

−1.8189***

−1.6404***

(0.2118)

(0.1980)

(0.2211)

TEND

0.4301***

0.3783***

0.3685***

(0.0473)

(0.0423)

(0.0475)

Δln(L) [−1]

0.3437***

0.4068***

0.3504***

(0.1224)

(0.1036)

(0.1157)

Δln(PC)

0.0097**

(0.0049)

Δln(PC) [−2]

0.0603***

0.0374***

0.0497***

(0.0112)

(0.0097)

(0.0108)

Δln(HC) [−1]

0.3824**

0.4325***

0.3249**

(0.1534)

(0.1298)

(0.1472)

Δln(HC*AER)

0.7000***

0.4995***

0.5111**

(0.1986)

(0.1755)

(0.2010)

INFRA_WATER [−1]

−0.0237*

−0.0191

−0.0223*

(0.0145)

(0.0123)

(0.0137)

INFRA_WATER [−2]

0.0236*

(0.0139)

INFRA_DRA [−1]

−0.7568***

−0.8928***

(0.2730)

(0.3046)

INFRA_DRA [−2]

0.2525*

0.5499***

0.6909***

(0.1601)

(0.1921)

(0.2144)

INFRA_ROADS

0.3006**

0.2798**

0.2663*

(0.1464)

(0.1237)

(0.1381)

Adjusted R2

0.53

0.59

0.56

Observations

213 (T = 3; N = 71)