Table 1.

Descriptive statistics of the variables.

		Obs	Mean	Std. dev.	Min	Max	Skewness	Curtis	Jarque-Bera
China	PH	540	13.578	1.346	10.065	16.386	−0.225	2.131	21.575
	lnpgdp	540	9.980	0.810	7.922	11.832	−0.138	2.224	15.258
	ML	540	6.021	0.692	4.210	7.695	−0.399	2.766	15.599
	CPI	540	102.263	2.035	96.700	110.090	0.453	3.216	19.537
	EP	540	3.944	0.901	0.357	5.299	−1.366	5.284	28.488
	TP	540	13.582	1.635	9.024	16.969	−0.320	2.684	11.463
	IO	540	9.213	1.148	5.978	11.667	−0.260	2.696	8.180
	SI	540	8.066	1.194	4.393	10.574	−0.427	3.009	16.398
Eastern China	PH	216	13.790	1.283	10.241	16.386	−0.319	2.516	5.788
	lnpgdp	216	10.358	0.763	8.445	11.832	−0.285	2.318	7.110
	ML	216	5.877	0.687	4.210	7.400	−0.289	2.728	3.668
	CPI	216	102.124	1.924	97.650	107.780	0.212	2.882	1.749
	EP	216	3.721	1.169	0.358	5.300	−1.031	3.324	39.246
	TP	216	14.308	1.684	9.025	16.970	−0.884	3.646	31.906
	IO	216	9.659	1.218	5.978	11.667	−0.768	3.463	23.158
	SI	216	8.490	1.199	4.644	10.574	−0.691	3.473	19.224
Central China	PH	162	13.625	1.309	11.419	15.940	−0.086	1.603	13.354
	lnpgdp	162	9.803	0.706	8.487	11.054	−0.187	1.727	11.873
	ML	162	6.051	0.539	4.740	7.280	0.225	2.431	2.542
	CPI	162	102.262	1.979	98.300	107.190	0.402	2.564	5.644
	EP	162	4.242	0.543	2.810	5.106	−0.052	2.350	2.924
	TP	162	13.554	1.162	10.418	15.762	−0.281	2.611	3.158
	IO	162	9.226	0.869	7.507	11.018	−0.058	2.014	6.659
	SI	162	8.205	0.870	6.367	9.949	−0.096	2.191	4.676
Western China	PH	162	13.248	1.410	10.066	15.934	−0.143	2.042	6.751
	lnpgdp	162	9.654	0.771	7.923	11.090	−0.167	1.907	8.822
	ML	162	6.186	0.794	4.260	7.695	−0.801	2.842	17.510
	CPI	162	102.452	2.224	96.700	110.090	0.625	3.583	13.169
	EP	162	3.946	0.667	2.224	4.987	−0.662	2.724	12.359
	TP	162	12.644	1.492	9.371	15.668	−0.047	2.292	3.441
	IO	162	8.606	1.019	6.237	10.675	−0.104	2.390	2.805
	SI	162	7.363	1.161	4.393	9.587	−0.288	2.631	3.151