n

(1)

(2)

(3)

(4)

lusepu

−0.486*

−0.481*

−0.488*

−0.476*

(−2.37)

(−2.29)

(−2.29)

(−2.29)

metal

1.488

1.844

1.559

1.751

(−0.61)

(−0.75)

(−0.65)

(−0.73)

fuel

1.804

1.573

1.895

1.947

(−1.46)

(−1.22)

(−1.5)

(−1.46)

lntapi

−0.167

−5.83

−6.45

−5.008

(−0.01)

(−0.28)

(−0.28)

(−0.23)

lngdp

214.9

136.0**

134.2**

135.1**

(−1.42)

(−3.04)

(−2.92)

(−2.83)

ggdp

1.401

1.495

1.345

1.215

(−1.86)

(−1.9)

(−1.72)

(−1.79)

lnpgdp

−101.4

(−0.56)

cc

−42.73

(−1.19)

ps

−27.96

(−1.40)

rl

7.572

(−0.22)

d1

0

0

0

0

(.)

(.)

(.)

(.)

d2

0

0

0

0

(.)

(.)

(.)

(.)

cons

−4807.8

−3544.4**

−3522.4**

−3581.9**

(−1.91)

(−3.43)

(−3.33)

(−3.24)

country

yes

yes

yes

yes

t

yes

yes

yes

yes

N

406

406

406

406

R²

0.1373

0.141

0.1432

0.1363

F value

6.64

7.07

7.39

7.43

P

0.0003

0.0002

0.0002

0.0002