lnm

n

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

lusepu

−0.00514

−0.00528

−0.00527

−0.00504

−0.736**

−0.630*

−0.637*

−0.612*

(−1.18)

(−1.29)

(−1.30)

(−1.10)

(−3.22)

(−2.74)

(−2.80)

(−2.79)

metal

0.127

0.13

0.132

0.122

4.351

4.529

4.7

3.595

(−1.71)

(−1.72)

(−1.69)

(−1.7)

(−1.49)

(−1.18)

(−1.2)

(−0.84)

fuel

0.0301

0.0316

0.0331

0.0303

1.739

0.766

1.126

0.722

(−0.72)

(−0.77)

(−0.83)

(−0.73)

(−1.75)

(−0.75)

(−0.92)

(−0.7)

lntapi

−2.320**

−2.270**

−2.334***

−2.291**

−9.389

−22.93

−33.77

−28.35

(−3.45)

(−3.34)

(−3.94)

(−3.50)

(−0.63)

(−0.87)

(−0.99)

(−1.06)

lngdp

3.693

4.548**

4.719**

4.398*

939.1*

141.2*

170.9

131.2

(−0.62)

(−3.26)

(−3.41)

(−2.65)

(−2.62)

(−2.25)

(−2.02)

(−1.83)

ggdp

−0.016

−0.0148

−0.0173

−0.0141

1.869

1.138

0.762

1.138

(−0.37)

(−0.36)

(−0.41)

(−0.33)

(−1.44)

(−0.96)

(−0.58)

(−0.87)

lnpgdp

1.107

−989.0*

(−0.15)

(−2.39)

cc

−0.189

−41.03

(−0.18)

(−0.80)

ps

−0.398

−55.5

(−0.54)

(−0.72)

rl

0.32

28.71

(−0.28)

(−0.33)

d1

0

0

0

0

0

0

0

0

(.)

(.)

(.)

(.)

(.)

(.)

(.)

(.)