(−0.23)

(0.23)

(−1.43)

(−0.54)

Constant

−8.817275**

−1.408298

−1.539787*

2.169065

(−2.94)

(−1.41)

(−1.96)

(1.98)

P-value

Fisher

0.000

0.000

0.000

0.006

Sargan

0.062

0.504

0.085

0.158

AR(1)

0.080

0.236

0.20

0.048

AR(2)

0.568

0.315

0.586

0.666