Dependent variable

Explicative variables

Y1

Y2

Y3

CONSTANT

−1.7470^***

−1.9460^***

−1.7428^***

(0.3005)

(0.2821)

(0.2989)

TEND

0.3724^***

0.3757^***

0.3627^***

(0.0557)

(0.0523)

(0.0554)

Δln(L) [−1]

0.2399^*

0.3260^**

0.2485^*

(0.1369)

(0.1285)

(0.1362)

Δln(HC^*AER)

0.5184^**

0.4998^**

0.5421^**

(0.2369)

(0.2224)

(0.2357)

INFRA_DRA

2.4574^***

2.4794^***

2.4522^***

(0.9124)

(0.8564)

(0.9078)

INFRA_DRA [−1]

−2.1223^***

−1.7114^***

−2.0831^***

(0.5091)

(0.4778)

(0.5064)

INFRA_DRA [−2]

1.2223^***

0.8939^***

1.1796^***

(0.3185)

(0.2989)

(0.3168)

INFRA_ELEC [−2]

0.2009^*

0.2519^**

0.2065^**

−0.1058

(0.0993)

(0.1052)

Adjusted R²

0.57

0.58

0.57

Observations

105 (T = 3; N = 35)