| Model 1 | Model 2 | Model 3 | |
C | 0.0456*** (2.9077) | 0.04297*** (2.7175) | 0.0521*** (3.2864) | |
ΔlnGDP | 0.3988*** (3.7267) | 0.3709*** (3.3938) | 0.3627*** (2.9217) | |
ΔlnAERI |
| 0.0670 (1.2282) | 0.0037** (2.2640) | |
∆lnREP(−1) |
|
| −0.1123** (−1.7710) | |
Adj-R2 | 0.0397 | 0.0412 | 0.0215 | |
F-statistic | 13.8880*** | 7.7096*** | 3.0305*** |