Table 9.

CCEMG and AMG estimations.

	Dependent variable: GGRi, t
	CCEMG		AMG
Variable	Slope coefficient	Standard errors	Slope coefficient	Standard errors
GDP i, t	0.275a	0.133	0.569a	0.054
ENC i, t	−0.675c	0.278	−1.138c	0.479
ENT i, t	−0.226b	0.124	−0.033b	0.020
GTN i, t	0.334b	0.173	0.044b	0.015
EMS i, t	−1.541b	0.241	−1.311b	0.656
CDP	–	–	0.859a	0.196
Country Trend	−0.012	0.037	−0.005	0.005
Constant	0.4498	0.396	0.938a	0.228

^a, ^b, and ^c show statistical significance at 1, 5, and 10%, respectively.

Author's estimations.