lnm

(1)

(2)

(3)

(4)

lusepu

−0.00638*

−0.00611*

−0.00613*

−0.00617*

(−2.48)

(−2.31)

(−2.32)

(−2.26)

metal

0.00962

0.0217

0.0176

0.0229

−0.57

−1.25

−1.09

−1.36

fuel

0.0426*

0.0451**

0.0499**

0.0469**

−2.69

−2.85

−3.69

−3.48

lntapi

0.186

−0.0519

−0.0177

−0.089

−0.33

(−0.10)

(−0.04)

(−0.18)

lngdp

5.797*

2.468*

2.401**

2.603*

(−2.67)

(−2.8)

(−2.97)

(−2.81)

ggdp

0.0333

0.0275

0.0292

0.0261

(−1.28)

(−1.06)

(−1.09)

(−0.97)

lnpgdp

−4.335

(−1.60)

cc

−0.386

(−0.56)

ps

−0.367

(−1.30)

rl

−0.484

(−0.68)

d1

0

0

0

0

(.)

(.)

(.)

(.)

d2

0

0

0

0

(.)

(.)

(.)

(.)

cons

−104.4**

−53.13*

−51.88*

−56.41*

(−2.84)

(−2.68)

(−2.83)

(−2.70)

country

yes

yes

yes

yes

t

yes

yes

yes

yes

N

393

393

393

393

R²

0.1719

0.1662

0.1676

0.1668

F value

22.63

22.81

25.42

32.92

P

0.0000

0.0000

0.0000

0.0000