D (CPibh) (−1)

D (debt) (−1)

D (debt2) (−1)

D (GFCF) (−1)

D (PA) (−1)

D (lnH1) (−1)

D (lnH2) (−1)

Trend

C

0.260

−0.580

0.003

0.072

−24.771

−1.356

−8.316

−0.510

8.958

[0.960]

[−1.662]

[1.261]

[0.556]

[−1.857]*

[−0.344]

[1.333]

[−1.842]*

[1.835]*