A

B

All Countries

Countries with Dummy Activated

All Countries

Countries with Dummy Activated

$\ln {\tau }_{j,t-1}$

−1.824868

0.061863

−1.803103

0.12829

[−5.79338]

[−5.63678]

DUM(−1)* $\ln {\tau }_{j,t-1}$

1.886731

1.931393

[3.92069]

[3.95214]

$\ln {\lambda }_{jt-1}$

0.047137

0.015561

0.039499

0.020415

[3.09670]

[2.55523]

DUM(−1)* $\ln {\lambda }_{jt-1}$

−0.031576

−0.019084

[−1.48283]

[−0.88250]

$\ln P_{t-1}^{*}$

2.073976

1.281408

1.815131

1.540613

[5.63127]

[4.85311]

DUM(−1)* $\ln P_{t-1}^{*}$

−0.792568

−0.274518

[−1.72408]

[−0.58803]

@TREND (97Q1)

1.79E−05

1.79E−05

1.90E−05

1.90E−05

[0.46100]

[0.46100]

[0.48156]

[0.48156]

C

0.126822

0.126822

0.128091

0.128091

${\alpha }_1$

−0.019819

−0.019903

[−9.82960]

[−10.0910]

${\alpha }_2$

−0.003578

−0.003274

[−2.43222]

[−2.78638]

${\alpha }_3$

0.009433

0.007757

[2.49469]

[3.00283]

${\alpha }_4$

−0.000286

−0.000162

[−1.69524]

[−1.48347]

${\alpha }_5$

−0.000362

---

[−0.41469]

${\alpha }_6$

0.000959

---

[0.34061]

${\alpha }_{87}$

−0.00021

---

[−1.59103]

Determinant Resid. Covariance (Dof Adj.)

2.11E−27

2.11E−27

Determinant Resid. Covariance

1.94E−27

1.94E−27

Log Likelihood

53652.79

53651.98

Akaike Information Criterion

−41.47054

−41.46991

Schwarz Criterion

−40.97529

−40.97466

Number of Coefficients

218

218