Variable

Coefficient

Standard error

t-Statistic

Probability

lnEx (−1)

0.336523

0.10547

3.190705

0.0021

lnEx (−2)

0.285374

0.106407

2.68192

0.009

lnEx (−3)

−0.34252

0.103205

−3.31883

0.0014

lnEx (−4)

0.260406

0.099476

2.617784

0.0107

lnRp

−0.45415

0.496754

−0.91423

0.3634

lnRp (−1)

−0.71299

0.836974

−0.85187

0.3969

lnRp (−2)

1.062461

0.511487

2.0772

0.0411

lnFy

3.416802

1.398626

2.442971

0.0169

lnFy (−1)

0.644429

2.355974

0.27353

0.7852

lnFy (−2)

−3.3105

1.441088

−2.29723

0.0243

lnErate

−0.20884

0.092479

−2.25828

0.0268

c

−4.51444

1.243335

−3.63091

0.0005