Regions

Economically developed regions (Lags = 7)

Economically less-developed regions (Lags = 7)

Economically underdeveloped regions (Lags = 7)

Variable

Lnfin_t

Lnfin_t

Lnfin_t

Lnfin_t−1

0.8300626 (0.000)

1.375004 (0.001)

0.6547289 (0.004)

Lnbond_t−1

0.4989317 (0.180)

−1.719016 (0.369)

0.1583622 (0.234)

Lnstock_t−1

−0.0955629 (0.813)

−2.561319 (0.337)

0.930139 (0.011)

Lnfin_t−2

0.0217652 (0.890)

0.1670232 (0.681)

−0.0036457 (0.981)

Lnbond_t−2

0.0888964 (0.705)

−0.1019287 (0.815)

−0.1418072 (0.220)

Lnstock_t−2

0.272253 (0.514)

−2.48489 (0.230)

−0.4169407 (0.013)

Lnfin_t−3

−0.3126097 (0.025)

−0.5006026 (0.052)

−0.1793157 (0.075)

Lnbond_t−3

−0.0031204 (0.993)

−0.6263319 (0.253)

0.2800261 (0.013)

Lnstock_t−3

0.3840742 (0.055)

0.5483773 (0.203)

−0.4949852 (0.012)

Lnfin_t−4

1.021125 (0.000)

1.376413 (0.000)

0.7366465 (0.000)

Lnbond_t−4

0.0124789 (0.947)

−0.0762864 (0.841)

−0.2067342 (0.031)

Lnstock_t−4

−0.190674 (0.385)

0.1460985 (0.739)

0.2834112 (0.066)

Lnfin_t−5

−0.5646956 (0.000)

−0.3616894 (0.483)

−0.720417 (0.000)

Lnbond_t−5

0.0951607 (0.622)

0.0135447 (0.971)

−0.1163515 (0.226)

Lnstock_t−5

−0.3611191 (0.115)

−0.2553097 (0.454)

0.3428032 (0.069)

Lnfin_t−6

−0.2655326 (0.265)

0.477432 (0.378)

0.1350886 (0.328)

Lnbond_t−6

−0.0110993 (0.952)

−0.6426665 (0.224)

0.0151846 (0.871)

Lnstock_t−6

0.4830834 (0.009)

−0.0467358 (0.877)

−0.4568621 (0.002)

Lnfin_t−7

0.4270327 (0.014)

0.243103 (0.379)

−0.0532688 (0.727)

Lnbond_t−7

−0.3516738 (0.043)

0.1232818 (0.697)

0.0199586 (0.778)

Lnstock_t−7

−0.1970982 (0.237)

−0.4140846 (0.493)

0.2816893 (0.002)