(1)

lnrz_1

(2)

lnrz_1

(3)

logais1

(4)

lnjrdk

(5)

lnjrdk

(6)

logais1

Principal regression

logpolicy1

0.0470***

0.0011

(0.0091)

(0.0029)

logpolicy2

0.0246**

0.0052

(0.0102)

(0.0033)

lnrz_1

0.0021***

(0.0004)

lnjrdk

0.0123***

(0.0013)

Wx

logpolicy1

0.0008

−0.0049

(0.0566)

(0.0180)

logpolicy2

−0.0185

0.0470***

(0.0570)

(0.0181)

lnrz_1

−0.0115***

(0.0024)

lnjrdk

−0.0209***

(0.0054)

Spatial

rho

1.2076***

1.2241***

1.1980***

1.3570***

1.3616***

1.2520***

(0.0586)

(0.0554)

(0.0635)

(0.0279)

(0.0265)

(0.0524)

Direct effect

logpolicy1

0.0478***

0.0008

(0.0089)

(0.0029)

logpolicy2

0.0246**

0.0077**

(0.0100)

(0.0035)

lnrz_1

0.0019***

(0.0004)

lnjrdk

0.0122***

(0.0013)

Indirect effect

logpolicy1

0.2114

−0.0363

(0.2004)

(0.1602)

logpolicy2

0.0604

0.5354*

(0.2242)

(0.2913)