Hypothesis

UK

GER

FRN

CN

JP

$H_2:{\beta }_6-\frac{{\beta }_5}{2}>0$

2.1558

(0.1420)

2.5356

(0.1113)

4.3466**

(0.0371)

24.1613***

(<0.0001)

44.9264***

(<0.0001)

$H_3:{\beta }_9-\frac{{\beta }_8}{2}>0$

20.4242***

(<0.0001)

26.0902***

(<0.0001)

20.3863***

(<0.0001)

4.9468**

(0.0261)

6.2589**

(0.0123)

$H_4:{\beta }_6+{\beta }_9-\frac{{\beta }_5+{\beta }_8}{2}>0$

21.7511***

(<0.0001)

26.7803***

(<0.0001)

14.5372***

(<0.0001)

3.8445**

(0.0499)

76.0363***

(<0.0001)