Table A7.
(a) Results of macroeconometric models deployed for H2 and H3, Robust regression (RREG), EU-13 and EU-15, 1995–2017. (b) Results of macroeconometric models deployed for H2 and H3, panel-corrected standard errors (PCSE), EU-13 and EU-15, 1995–2017.
| (a) | |||||
| EU-13 | (1) | (2) | (3) | (4) | (5) |
| log_HLY_F | log_HLY_M | log_BR | log_LE | log_PGPH | |
| log_HGE | −0.219 (0.128) |
−0.400 ** (0.121) |
−0.126 *** (0.0229) |
−0.0182 (0.0107) |
−0.279 *** (0.0603) |
| log_HS | 0.491 ** (0.150) |
0.466 ** (0.142) |
0.0952 *** (0.0258) |
0.0697 *** (0.0119) |
0.235 ** (0.0708) |
| _cons | 1.802 *** (0.179) |
2.101 *** (0.169) |
2.407 *** (0.0297) |
4.286 *** (0.0139) |
4.312 *** (0.0826) |
| N | 161 | 161 | 251 | 237 | 164 |
| EU-15 | (1) | (2) | (3) | (4) | (5) |
| log_HLY_F | log_HLY_M | log_BR | log_LE | log_PGPH | |
| log_HGE | 0.377 * (0.182) |
0.245 (0.143) |
−0.219 ** (0.0702) |
0.102 *** (0.00822) |
−0.195 *** (0.0527) |
| log_HS | −0.0648 (0.0356) |
−0.0536 (0.0280) |
0.0108 (0.0170) |
−0.0172 *** (0.00202) |
0.0256 * (0.0103) |
| _cons | 1.606 *** (0.326) |
1.832 *** (0.256) |
2.805 *** (0.121) |
4.204 *** (0.0141) |
4.638 *** (0.0944) |
| N | 179 | 179 | 287 | 273 | 182 |
| (b) | |||||
| EU-13 | (1) | (2) | (3) | (4) | (5) |
| log_HLY_F | log_HLY_M | log_BR | log_LE | log_PGPH | |
| log_HGE | −0.301 *** (0.0430) |
−0.391 *** (0.0285) |
−0.143 *** (0.0137) |
−0.0195 *** (0.00538) |
−0.255 *** (0.0123) |
| log_HS | 0.493 *** (0.0702) |
0.451 *** (0.0605) |
0.112 *** (0.0185) |
0.0602 *** (0.00682) |
0.234 *** (0.0303) |
| _cons | 1.914 *** (0.0563) |
2.088 *** (0.0498) |
2.422 *** (0.0184) |
4.298 *** (0.00787) |
4.261 *** (0.0257) |
| N | 161 | 161 | 251 | 237 | 164 |
| EU-15 | (1) | (2) | (3) | (4) | (5) |
| log_HLY_F | log_HLY_M | log_BR | log_LE | log_PGPH | |
| log_HGE | 0.378 ** (0.142) |
0.239 * (0.0949) |
−0.219 ** (0.0702) |
0.102 *** (0.00822) |
0.0219 (0.0598) |
| log_HS | −0.0690 ** (0.0257) |
−0.0547 ** (0.0177) |
0.0108 (0.0170) |
−0.0172 *** (0.00202) |
−0.0194 * (0.00795) |
| _cons | 1.604 *** (0.253) |
1.843 *** (0.167) |
2.805 *** (0.121) |
4.204 *** (0.0141) |
4.230 *** (0.108) |
| N | 179 | 179 | 287 | 273 | 182 |
Note: Standard errors in parentheses, * p < 0.05, ** p < 0.01, *** p < 0.001. Source: Authors’ contribution in Stata.