n

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

epu1/epu2/epu3

0.0369

0.0299

0.0321

0.0449

−0.268*

−0.257*

−0.255*

−0.283*

0.123

0.112

0.125

0.137

(−0.28)

(−0.22)

(−0.25)

(−0.32)

(−2.68)

(−2.49)

(−2.60)

(−2.57)

(−0.68)

(−0.59)

(−0.69)

(−0.71)

metal

1.304

1.64

1.401

1.564

1.623

1.996

1.783

1.91

1.39

1.67

1.443

1.593

(−0.58)

(−0.71)

(−0.61)

(−0.7)

(−0.8)

(−0.93)

(−0.84)

(−0.95)

(−0.58)

(−0.69)

(−0.6)

(−0.67)

fuel

1.221

0.957

1.278

1.337

1.368

1.151

1.438

1.535

1.244

0.98

1.283

1.344

(−0.97)

(−0.72)

(−0.98)

(−0.98)

(−1.2)

(−0.94)

(−1.2)

(−1.23)

(−0.95)

(−0.71)

(−0.95)

(−0.95)

lntapi

2.76

−3.328

−3.746

−1.034

5.551

−1.322

−1.73

1.933

1.336

−3.58

−4.02

−1.601

(−0.12)

(−0.17)

(−0.17)

(−0.05)

(−0.27)

(−0.08)

(−0.09)

(−0.11)

(−0.06)

(−0.19)

(−0.20)

(−0.08)

lngdp

193.5

122.1*

120.2*

116.2*

190.4

106.4**

105.0*

95.67*

178.8

121.0**

118.7*

115.7*

(−1.44)

(−2.64)

(−2.52)

(−2.2)

(−1.51)

(−2.92)

(−2.74)

(−2.46)

(−1.36)

(−3.01)

(−2.82)

(−2.6)

ggdp

2.947*

2.942*

2.783*

2.728*

3.117*

3.068*

2.916*

2.797*

2.869*

2.910*

2.765*

2.669*

(−2.49)

(−2.45)

(−2.44)

(−2.5)

(−2.67)

(−2.41)

(−2.42)

(−2.37)

(−2.37)

(−2.28)

(−2.28)

(−2.31)

lnpgdp

−91.83

−108.2

−74.12

(−0.55)

(−0.67)

(−0.45)

cc

−42.07

−37.49

−39.9

(−1.21)

(−1.14)

(−1.11)

ps

−23.17

−20.04

−22.89

(−1.23)

(−1.13)

(−1.26)

rl

15.18

29.79

15.19

(−0.37)

(−0.79)

(−0.39)

country

yes

yes

yes

yes

yes

yes

yes

yes

yes

yes

yes

yes

t

yes

yes

yes

yes

yes

yes

yes

yes

yes

yes

yes

yes

cons

−4396.6

−3241.5**

−3218.2**

−3160.6*

−4175.7

−2831.4**

−2821.3**

−2636.1**

−4154.8

−3209.3**

−3175.9**

−3140.9**

(−1.99)

(−2.99)

(−2.88)

(−2.55)

(−2.06)

(−3.31)

(−3.16)

(−2.87)

(−1.93)

(−3.42)

(−3.24)

(−3.00)

N

389

389

389

389

389

389

389

389

389

389

389

389

R²

0.0962

0.0999

0.1

0.0958

0.1127

0.1152

0.115

0.1135

0.0977

0.1013

0.1018

0.0977

F Value

9.07

9.62

10.96

9.87

9.41

9.76

10.26

9.36

10.16

10.39

11.93

10.72

P

0

0

0

0

0

0

0

0

0

0

0

0