lnm

(1)

(2)

(3)

(4)

epu1

−0.00039

−0.00017

−0.00013

3.08E−06

(−0.24)

(−0.10)

(−0.07)

0

metal

0.00669

0.0209

0.0185

0.0215

(−0.37)

(−1.13)

(−1.02)

(−1.2)

fuel

0.0361

0.0391*

0.0425*

0.0405*

(−2.02)

(−2.19)

(−2.49)

(−2.53)

lntapi

0.372

0.0637

0.0837

0.032

(−0.59)

(−0.12)

(−0.16)

(−0.06)

lngdp

6.104**

2.234*

2.208*

2.382*

(−3.32)

(−2.51)

(−2.63)

(−2.53)

ggdp

0.0565*

0.0459

0.0465

0.0454

(−2.24)

(−1.87)

(−1.85)

(−1.81)

lnpgdp

−5.025

cc

(−2.00)

−0.281

ps

(−0.42)

−0.196

(−0.66)

rl

−0.421

(−0.61)

d1

0

0

0

0

(.)

(.)

(.)

(.)

d2

0

0

0

0

(.)

(.)

(.)

(.)

cons

−108.5**

−48.58*

−48.28*

−52.24*

(−3.50)

(−2.44)

(−2.56)

(−2.45)

country

yes

yes

yes

yes

t

yes

yes

yes

yes

N

378

378

378

378

R²

0.1431

0.1346

0.1346

0.1353

F value

27.13

23.96

31.28

30.82

P

0.0000

0.0000

0.0000

0.0000