EC model; short-run effect
| Variables | Coefficients |
|---|---|
| L1.ECF | 0.1860 (0.0993) |
| L1.Gold | −0.6680** (0.0992) |
| L2.lnGold | −0.2860** (0.0535) |
| lnOil | −0.0651** (0.0080) |
| lnTimber | 0.6900** (0.0860) |
| Urban | 0.4780 (0.1970) |
| Renew | 0.0384*** (0.0024) |
| Trade | −0.0003 (0.0004) |
| Gross | 0.0026 (0.0012) |
| lnIndustry | −0.0956 (0.0373) |
| Variables | Coefficients |
|---|---|
| L1.ECF | 0.1860 (0.0993) |
| L1.Gold | −0.6680** (0.0992) |
| L2.lnGold | −0.2860** (0.0535) |
| lnOil | −0.0651** (0.0080) |
| lnTimber | 0.6900** (0.0860) |
| Urban | 0.4780 (0.1970) |
| Renew | 0.0384*** (0.0024) |
| Trade | −0.0003 (0.0004) |
| Gross | 0.0026 (0.0012) |
| lnIndustry | −0.0956 (0.0373) |
Note(s): The dependent variable is ECF
Standard errors in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1
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