Table 4. Panel fixed effect regression results.

	(1)	(2)	(3)
Variables	SP	SP	SP
PU<TH1	0.492***
	(0.073)
PU>TH1<TH2		-0.221***
		(0.070)
PU>TH2			0.099
			(0.097)
INF	0.030	0.378***	0.783***
	(0.085)	(0.045)	(0.095)
IP	3.581***	3.203***	0.050
	(0.179)	(0.156)	(0.152)
DS	-0.009***	-0.007***	-0.005***
	(0.001)	(0.000)	(0.001)
UE	-0.052***	-0.017***	-0.116***
	(0.010)	(0.006)	(0.011)
GDP	0.706	-3.853***	-0.839
	(2.045)	(1.233)	(0.803)
Constant	-12.326	11.765**	9.346**
	(9.296)	(5.524)	(3.813)
Observations	520	1003	381
R-squared	0.597	0.455	0.376
F-statistics	64.144	232.735	78.404
Cross-sections	7	7	7

Note: Standard errors are in parenthesis.

*** p<0.01

** p<0.05

* p<0.1