Table 3.

Panel dynamic least square and fully modified least square estimation results.

Method: Panel Dynamic Least Squares (DOLS)							Method: Panel Fully Modified Least Squares (FMOLS)
Rice	P		Tmax		Tmin		P		Tmax		Tmin
Variable	Coefficient	T statistic	Coefficient	T statistic	Coefficient	T statistic	Coefficient	T statistic	Coefficient	T statistic	Coefficient	T statistic
lnCR	0.1331	1.9437	−0.0027	0.9902	0.3581	0.2605	0.1111	1.0529	−0.2996	−6.7081	−2.6932	−7.9318
lnBSR	0.5185	0.5963	−1.0840	0.0559	−6.8037	−2.1697	−22.6979	−1.0416	4.0538	0.4797	67.5858	1.0173
lnESR	−0.5416	−0.6615	0.3144	1.6059	2.2191	1.6484	22.3031	1.0108	−4.0760	−0.4772	−68.2773	−1.0162
lnER	−0.4993	−7.7962	0.5226	9.3722	2.8159	12.3898	−0.1610	−1.2207	0.0450	0.6647	0.8240	1.5669
lnFOB	1.5726	2.4862	0.3340	0.4147	0.9837	0.5128	0.2862	2.1075	0.2074	3.8689	2.2418	5.3758
lnPR	2.4395	1.9948	−0.2526	−0.6668	1.5241	0.5496	0.1949	1.1172	−0.4567	−6.1934	−4.3841	−7.7942
SE of regression	14.1023		1.2591		3.3295		9.5800		1.6287		19.6390
Long-run variance	0.0151		0.0021		0.0496		0.0060		0.0011		0.0611
Maize
lnCM	1.4592	4.9744	−0.9037	−5.1527	−6.0360	−5.3425	0.0666	1.0099	−0.1341	−4.8284	−0.6988	−4.2488
lnBSM	2.2555	4.4466	−0.9186	−4.8290	−6.2102	−4.7740	25.3398	1.2144	−11.1309	−1.0278	−123.5325	−1.7482
lnESM	−0.8667	−1.7059	0.3937	2.5546	2.4523	3.0431	−25.0911	−1.2034	10.9180	1.0100	122.8157	1.7413
lnEM	0.0159	1.2068	−0.0038	−0.4836	−0.0023	−0.0660	0.0166	1.1277	0.0069	0.8893	0.0782	1.5591
lnFOB	−1.2297	−3.2839	0.6341	16.9861	5.2804	7.2685	−0.3014	−1.4025	0.2819	3.1617	2.1583	3.9654
lnPM	2.7272	4.1904	−1.4360	−22.1330	−10.2549	−8.1219	0.7896	3.1986	−0.3656	−3.5617	−3.2480	−5.1335
SE of regression	6.9864		1.3610		9.2234		5.5764		2.3956		16.6625
Long-run variance	0.0116		0.0001		0.0435		0.0066		0.0011		0.0443
Soybean
lnCS	−0.2152	−0.3074	−0.5521	−2.5318	−4.1742	−2.7563	−0.5138	−2.7660	0.0770	0.9640	−0.3646	−0.6347
lnBSS	0.3668	0.5337	0.4558	1.8807	3.7096	2.2216	33.6912	1.0773	−10.3109	−0.6301	−48.1654	−0.4475
lnESS	0.2419	1.2784	−0.2929	−3.9196	−1.6300	−3.3431	−32.5618	−1.0385	9.9363	0.6056	46.7170	0.4330
lnES	0.0341	0.8117	−0.0321	−2.2082	−0.1200	−1.5408	0.1141	0.5304	−0.0654	−0.5859	−0.4014	−0.5444
lnFOB	2.4612	8.4098	−0.8067	−7.1317	−5.2612	−14.1200	0.0731	0.4341	−0.0312	−0.3792	−1.0962	−1.9679
lnPS	−2.5070	−6.3171	1.0049	6.5512	7.7961	15.4295	0.1415	1.0035	−0.0216	−0.3218	0.6668	1.4370
SE of regression	5.4946		1.9112		3.6735		10.9001		3.6330		17.6291
Long-run variance	0.0057		0.0009		0.0093		0.0099		0.0022		0.1039

Note: For variable definitions, please refer to Table 1.