Regions

Economically developed regions

Economically less-developed regions

Economically underdeveloped regions

Variable

s

Lnbond

Lnstock

Lnbond

Lnstock

Lnbond

Lnstock

Lnfin

4

0.081

0.004

0.213

0.067

0.060

0.026

Lnfin

8

0.125

0.013

0.335

0.066

0.067

0.036

Lnfin

12

0.133

0.021

0.352

0.056

0.079

0.043

Lnfin

16

0.138

0.026

0.348

0.051

0.094

0.048

Lnfin

20

0.141

0.028

0.344

0.050

0.102

0.053