(1)

(2) FE

(3)

(4) FE

(5)

(6) FE

Explained variable

lnrPGDP

lnrPGDP

RVPGDP

RVPGDP

g₂

g₂

Interaction term β

0.44**

(0.21)

0.26***

(0.05)

0.77***

(0.13)

0.69***

(0.07)

7.67***

(2.60)

10.32***

(2.49)

$X_{it}$

—

Yes

—

Yes

—

Yes

${\delta }_i$

—

Yes

—

Yes

—

Yes

${\gamma }_t$

—

Yes

—

Yes

—

Yes

N

357

357

357

357

357

357

R²

0.294

0.977

0.128

0.380

0.246

0.563