lnm

n

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

lusepu

−0.00761*

−0.00738*

−0.00735*

−0.00741*

−0.598*

−0.591*

−0.597*

−0.590*

(−2.21)

(−2.12)

(−2.11)

(−2.10)

(−2.70)

(−2.64)

(−2.70)

(−2.70)

metal

0.00544

0.0125

0.0118

0.0111

0.915

1.136

1.039

1.024

(−0.23)

(−0.52)

(−0.51)

(−0.52)

(−0.5)

(−0.6)

(−0.54)

(−0.53)

fuel

0.0461**

0.0446**

0.0468*

0.0480**

0.73

0.624

0.846

0.807

(−3.04)

(−2.93)

(−2.52)

(−3.07)

(−1.37)

(−1.11)

(−1.2)

(−1.24)

lntapi

−0.939

−1.085

−1.102

−1.106

−8.231

−11.87

−13.17

−11.87

(−1.20)

(−1.73)

(−1.74)

(−1.73)

(−0.58)

(−0.75)

(−0.75)

(−0.66)

lngdp

4.349

2.229*

2.242*

2.261

152.2

92.78**

95.72*

89.32*

(−2.02)

(−2.25)

(−2.17)

(−1.92)

(−1.17)

(−2.85)

(−2.68)

(−2.48)

ggdp

0.0226

0.0192

0.0162

0.0165

1.459

1.419

1.314

1.24

(−0.64)

(−0.57)

(−0.48)

(−0.5)

(−1.72)

(−1.55)

(−1.46)

(−1.51)

lnpgdp

−2.763

−76.72

(−0.83)

(−0.48)

cc

−0.452

−20.49

(−0.75)

(−0.54)

ps

0.128

−6.875

(−0.3)

(−0.17)

rl

0.0135

12.77

(−0.02)

(−0.23)

d1

0

0

0

0

0

0

0

0

(.)

(.)

(.)

(.)

(.)

(.)

(.)

(.)

d2

0

0

0

0

0

0

0

0

(.)

(.)

(.)

(.)

(.)

(.)

(.)

(.)

cons

−69.07

−36.29

−36.96

−37.43

−3204.6

−2274.9*

−2362.6*

−2213.1*

(−2.04)

(−1.64)

(−1.59)

(−1.41)

(−1.53)

(−2.74)

(−2.66)

(−2.54)

country

yes

yes

yes

yes

yes

yes

yes

yes

t

yes

yes

yes

yes

yes

yes

yes

yes

N

305

305

305

305

308

308

308

308

R²

0.0957

0.0952

0.0933

0.093

0.0628

0.0623

0.0628

0.062

F value

21.69

22.37

22.63

26.05

2.67

2.84

2.83

2.89

P

0.0000

0.0000

0.0000

0.0000

0.0109

0.03

0.0305

0.0281