SURE model
| Variables | Coefficient | Variables | Coefficient |
|---|---|---|---|
| InGoldmili | 1.3942 (0.9030) | lnGoldins | −3.3870** (0.0318) |
| lnOilmili | 0.0578* (0.0613) | lnOilins | 0.0297*** (0.0018) |
| lnTimbermili | −0.3656 (0.2386) | lnTimberins | 0.0297*** (0.0081) |
| Gross | 0.0099*** (0.0064) | Gross | 0.0225*** (0.0002) |
| Industry | 0.0013*** (0.0025) | Industry | 0.0001*** (0.0001) |
| Urban | 0.3258 (0.1817) | Urban | 0.2678** (0.0101) |
| Renew | 0.0156*** (0.0057) | Renew | 0.0566*** (0.0004) |
| Constant | 1.1767 (0.6627) | Constant | 4.0520** (0.0301) |
| R-squared | 0.9019 | R-squared | 0.99990 |
| Variables | Coefficient | Variables | Coefficient |
|---|---|---|---|
| InGoldmili | 1.3942 (0.9030) | lnGoldins | −3.3870** (0.0318) |
| lnOilmili | 0.0578* (0.0613) | lnOilins | 0.0297*** (0.0018) |
| lnTimbermili | −0.3656 (0.2386) | lnTimberins | 0.0297*** (0.0081) |
| Gross | 0.0099*** (0.0064) | Gross | 0.0225*** (0.0002) |
| Industry | 0.0013*** (0.0025) | Industry | 0.0001*** (0.0001) |
| Urban | 0.3258 (0.1817) | Urban | 0.2678** (0.0101) |
| Renew | 0.0156*** (0.0057) | Renew | 0.0566*** (0.0004) |
| Constant | 1.1767 (0.6627) | Constant | 4.0520** (0.0301) |
| 0.9019 | 0.99990 |
Note(s): The dependent variable is ECF
Standard errors in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1
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