Table 8.

Panel quantile estimation results.

Variables	Coefficient	Std. Error	p-value
Location Parameters
$\mathrm{lnGDP}$	24.292∗∗	8.433	0.028
${\mathrm{lnGDP}}^2$	-1.1508∗∗	0.396	0.027
$\mathrm{lnREI}$	-0.0144	0.014	0.340
$\mathrm{lnRE}$	-0.1080∗∗∗	0.019	0.002
$\mathrm{Constant}$	-127.44∗∗	44.985	0.030
Scale Parameters
$\mathrm{lnGDP}$	-0.1982	3.593	0.958
${\mathrm{lnGDP}}^2$	0.0086	0.172	0.962
$\mathrm{lnREI}$	0.0007	0.005	0.883
$\mathrm{lnRE}$	0.0301∗	0.013	0.063
$\mathrm{Constant}$	1.2189	18.79	0.950
0.1 Quantile Coefficients
$\mathrm{lnGDP}$	24.585∗∗∗	6.082	0.000
${\mathrm{lnGDP}}^2$	-1.1635∗∗∗	0.288	0.000
$\mathrm{lnREI}$	-0.0155	0.011	0.164
$\mathrm{lnRE}$	-0.1126∗∗∗	0.022	0.000
0.2 Quantile Coefficients
$\mathrm{lnGDP}$	24.516∗∗∗	5.148	0.000
${\mathrm{lnGDP}}^2$	-1.1606∗∗∗	0.244	0.000
$\mathrm{lnREI}$	-0.0152∗	0.009	0.093
$\mathrm{lnRE}$	-0.1116∗∗∗	0.019	0.000
0.3 Quantile Coefficients
$\mathrm{lnGDP}$	24.453∗∗∗	4.396	0.000
${\mathrm{lnGDP}}^2$	-1.1578∗∗∗	0.208	0.000
$\mathrm{lnREI}$	-0.0150∗	0.008	0.062
$\mathrm{lnRE}$	-0.1105∗∗∗	0.016	0.000
0.4 Quantile Coefficients
$\mathrm{lnGDP}$	24.371∗∗∗	3.674	0.000
${\mathrm{lnGDP}}^2$	-1.1543∗∗	0.174	0.000
$\mathrm{lnREI}$	-0.0147∗∗	0.007	0.029
$\mathrm{lnRE}$	-0.1092∗∗∗	0.013	0.000
0.5 Quantile Coefficients
$\mathrm{lnGDP}$	24.277∗∗∗	3.423	0.000
${\mathrm{lnGDP}}^2$	-1.1502∗∗∗	0.162	0.000
$\mathrm{lnREI}$	-0.0143∗∗∗	0.006	0.000
$\mathrm{lnRE}$	-0.1077∗∗∗	0.013	0.002
0.6 Quantile Coefficients
$\mathrm{lnGDP}$	24.233∗∗∗	3.559	0.000
${\mathrm{lnGDP}}^2$	-1.1483∗∗∗	0.169	0.000
$\mathrm{lnREI}$	-0.0141∗∗	0.007	0.030
$\mathrm{lnRE}$	-0.1071∗∗∗	0.013	0.000
0.7 Quantile Coefficients
$\mathrm{lnGDP}$	24.192∗∗∗	3.822	0.000
${\mathrm{lnGDP}}^2$	-1.1465∗∗∗	0.181	0.000
$\mathrm{lnREI}$	-0.0140∗∗	0.007	0.045
$\mathrm{lnRE}$	-0.1064∗∗∗	0.015	0.000
0.8 Quantile Coefficients
$\mathrm{lnGDP}$	24.075∗∗∗	5.055	0.000
${\mathrm{lnGDP}}^2$	-1.1415∗∗∗	0.239	0.000
$\mathrm{lnREI}$	-0.0136	0.009	0.143
$\mathrm{lnRE}$	-0.1045∗∗∗	0.019	0.000
0.9 Quantile Coefficients
$\mathrm{lnGDP}$	23.903∗∗∗	7.514	0.001
${\mathrm{lnGDP}}^2$	-1.1340∗∗∗	0.356	0.001
$\mathrm{lnREI}$	-0.0129	0.014	0.349
$\mathrm{lnRE}$	-0.1018∗∗∗	0.028	0.000

Note: ∗∗∗, ∗∗ and ∗ indicate the statistical significance at 1%, 5%, and 10% level, respectively.