Variable

Coefficient

lnEP_it

0.874*

(1.73)

lnEP_jt

−0.118**

(−2.13)

lnGDP_it

3.756**

(2.27)

lnGDP_jt

0.831***

(14.93)

lnPOP_it

−8.589*

(−1.83)

lnPOP_jt

−0.251***

(−3.84)

lnGD_ij

0.448***

(7.45)

BR_jt

0.202*

(1.90)

Constant

77.01**

(2.04)

R²

0.9402

Wald-test

645.20