Table 9 Augmented Mean Group test result

DC

0.0341 (0.236)

0.0059 (0.495)

−0.0004 (0.971)

0.0098 (0.454)

−0.0004 (0.973)

0.0100 (0.449)

0.2063** (0.044)

0.0072* (0.078)

BE

−0.0026** (0.026)

−0.0016 (0.324)

0.0001 (0.941)

−0.0027 (0.249)

0.0021 (0.482)

−0.0062*** (0.000)

− 0.0036 (0.817)

−0.0063*** (0.003)

BM

−0.0061* (0.055)

−0.0023 (0.311)

− 0.0009 (0.654)

−0.0062** (0.014)

− 0.0002 (0.886)

−0.0017 (0.594)

− 0.0243*** (0.000)

−0.0071*** (0.000)

GDP

2.6044*** (0.000)

2.9453*** (0.000)

2.4521*** (0.000)

1.7825*** (0.000)

−0.1049 (0.741)

4.1340*** (0.000)

2.9955*** (0.002)

4.0263*** (0.000)

REM

−0.0139 (0.627)

0.0101 (0.762)

0.0501* (0.060)

0.0213 (0.520)

0.0069 (0.751)

−0.0962** (0.016)

−0.1433 (0.364)

0.0537*** (0.000)

C

−11.7882*** (0.001)

−14.2658*** (0.000)

−10.5937*** (0.000)

−6.6709*** (0.000)

6.6039*** (0.007)

−22.5664*** (0.001)

−14.1633** (0.014)

− 20.8612*** (0.000)

Wald p-value

0.0000

Observations

231

32

32

32

32

32

32

32