| Variable | Coefficient | Standard error | Z-test value | p-value |
| Lnnpl | −0.117** | 0.236 | 0.440 | 0.018 |
| Lnni | 0.367*** | 0.112 | 0.695 | 0.000 |
| Lnrgpp | −0.109 | 0.154 | −1.560 | 0.317 |
| Lninf | −0.291 | 0.227 | −1.177 | 0.449 |
| Lnrtl | 0.198 | 0.206 | 0.102 | 0.920 |
| lnbs | 0.134*** | 0.081 | −1.505 | 0.000 |