| Variables | Coefficient | Std. Error | t-Statistic | p-value |
| C | 0.6425 | 0.2134 | 3.0110 | 0.015 |
| lnY | −0.3771 | 0.2034 | −1.8540 | 0.125 |
| Lncpi | 0.0352 | 0.0198 | 1.7778 | 0.179 |
| BD | 0.4523 | 0.1572 | 2.8772 | 0.031 |
| lnED | 0.2873 | 0.0872 | 3.2947 | 0.005 |
| lnRER | 0.1845 | 0.0675 | 2.7333 | 0.042 |