(1)

logais1

(2)

logais2

(3)

logais3

(4)

logais1

(5)

logais2

(6)

logais3

Main

logpolicy1

0.0005**

−0.0035

0.0003

(0.0002)

(0.0073)

(0.0008)

logsgov_ex

−0.0068***

0.2893***

0.0375***

−0.0067***

0.2826***

0.0370***

(0.0016)

(0.0538)

(0.0060)

(0.0016)

(0.0539)

(0.0060)

logpgdp_0

−0.0021

0.7707***

−0.0018

−0.0024

0.7614***

−0.0016

(0.0020)

(0.0696)

(0.0078)

(0.0020)

(0.0696)

(0.0078)

logIN

0.0091***

−0.0851

0.0065

0.0092***

−0.0791

0.0072

(0.0025)

(0.0876)

(0.0098)

(0.0026)

(0.0877)

(0.0098)

logUR

0.0296***

0.6182***

−0.0246*

0.0296***

0.6073***

−0.0248*

(0.0034)

(0.1171)

(0.0131)

(0.0034)

(0.1171)

(0.0131)

logEP

−0.0005

−0.0512*

−0.0089***

−0.0007

−0.0515*

−0.0088***

(0.0008)

(0.0265)

(0.0030)

(0.0008)

(0.0265)

(0.0030)

logBF

−0.0024**

0.0843**

0.0047

−0.0023**

0.0833**

0.0047

(0.0010)

(0.0344)

(0.0039)

(0.0010)

(0.0344)

(0.0039)

logPT

0.0253***

0.1237

−0.0263

0.0255***

0.1295

−0.0261

(0.0053)

(0.1825)

(0.0205)

(0.0053)

(0.1826)

(0.0205)

logpolicy2

0.0006**

0.0051

0.0000

(0.0002)

(0.0082)

(0.0009)

Wx

logpolicy1

−0.0042***

−0.0069

−0.0031

(0.0013)

(0.0445)

(0.0050)

logpolicy2

0.0003

−0.0527

−0.0099*

(0.0013)

(0.0454)

(0.0051)

Spatial

rho

1.2390***

1.1839***

1.2894***

1.2479***

1.1865***

1.2850***

(0.0547)

(0.0588)

(0.0431)

(0.0530)

(0.0584)

(0.0439)

Direct effect

logpolicy1

0.0005**

−0.0039

0.0002

(0.0002)

(0.0072)

(0.0008)

logpolicy2

0.0006***

0.0040

−0.0002

(0.0002)

(0.0080)

(0.0009)

Indirect effect

logpolicy1

−0.0153**

−0.0338

−0.0154

(0.0066)

(0.1417)

(0.0269)