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***