EC model; long-run effect
| Variables | Coefficients |
|---|---|
| ADJ. L1.ECF | −2.5390*** (0.1850) |
| lnGold | 0.5440*** (0.0224) |
| lnOil | 0.0683*** (0.0057) |
| lnTimber | 0.1610 (0.0728) |
| Urban | 0.0431 (0.0232) |
| Renew | −0.0206** (0.0021) |
| Trade | −0.0019** (0.0002) |
| Gross | 0.0098*** (0.0006) |
| lnIndustry | −0.1010** (0.0102) |
| Variables | Coefficients |
|---|---|
| ADJ. L1.ECF | −2.5390*** (0.1850) |
| lnGold | 0.5440*** (0.0224) |
| lnOil | 0.0683*** (0.0057) |
| lnTimber | 0.1610 (0.0728) |
| Urban | 0.0431 (0.0232) |
| Renew | −0.0206** (0.0021) |
| Trade | −0.0019** (0.0002) |
| Gross | 0.0098*** (0.0006) |
| lnIndustry | −0.1010** (0.0102) |
Note(s): The dependent variable is the ECF
Standard errors in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1
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