Table 4.

Estimated parameter values of the model (2) for the countries China, USA, UK, Italy, France, Germany, Spain, Iran for phase 1, phase 2, phase 3 and phase 4

Parameters	China	USA	UK	Italy	France	Germany	Spain	Iran
Phase 1
${\beta }_1$	0.00004	0.00026	0.00029	0.00009	0.00009	0.00012	0.00001	0.00015
${\beta }_2$	0.00101	0.00026	0.03892	0.0069	0.00837	0.00616	0.00806	0.00537
${\beta }_3$	0.00359	0.00273	0.002	0.00125	0.00226	0.00133	0.00423	0.00853
${\sigma }_1$	1.38805	0.11143	0.61477	0.14328	0.24014	0.06381	0.01139	1.05788
${\sigma }_2$	0.00808	0.37684	0.1581	0.06478	0.03731	0.01397	0.04956	0.00008
${\delta }_1$	0.26933	0.1563	0.15992	0.33229	0.33307	0.3705	0.73241	0.285
$h_1$	0.52123	0.51084	0.49615	0.49901	0.50428	0.50053	0.50254	0.00859
$d_1$	0.02553	0.00209	0.00168	0.00277	0.00494	0.00281	0.00209	0.00909
Phase 2
${\beta }_1$	0.00012	0.00036	0.00002	0.00004	0.0006	0.00009	0.00009	0.001
${\beta }_2$	0.00935	0.00035	0.00971	0.01167	0.00044	0.01805	0.00379	0.01855
${\beta }_3$	0.00159	0.0038	0.00098	0.00173	0.01159	0.00517	0.00112	0.00891
${\sigma }_1$	0.1935	0.21821	0.00698	0.19984	0.10599	0.19697	0.24783	0.24977
${\sigma }_2$	0.00708	0.42354	0.09491	0.07572	1.09817	0.38457	0.28016	0.04624
${\delta }_1$	0.4085	0.10666	0.4861	0.32141	0.44031	1.09854	0.20582	0.00276
$h_1$	0.49797	0.50591	0.5155	0.51799	0.47546	0.52017	0.50517	0.51668
$d_1$	0.00253	0.00081	0.00453	0.004	0.01848	0.00617	0.00005	0.00971
Phase 3
${\beta }_1$	0.00027	0.57291	0.22401	0.38324	0.00011	0.00017	0.00011	0.00035
${\beta }_2$	0.00759	0.00297	0.00359	0.00010	0.00317	0.00405	0.00390	0.00297
${\beta }_3$	0.00745	0.00150	0.00171	0.00270	0.00021	0.00076	0.00140	0.00880
${\sigma }_1$	0.83848	0.47551	0.21380	0.36216	0.16487	0.03739	0.05561	0.47057
${\sigma }_2$	0.01161	0.09362	0.29435	0.01072	0.00388	0.06884	0.31240	0.00496
${\delta }_1$	0.20023	0.11127	0.15637	0.40755	0.40792	0.33231	0.15320	0.15613
$h_1$	0.49091	0.50863	0.50450	0.51040	0.50795	0.50400	0.50283	0.50291
$d_1$	0.00431	0.01081	0.00689	0.01005	0.00660	0.00427	0.00434	0.00109
Phase 4
${\beta }_1$	0.00012	0.00037	0.00029	0.00072	0.00015	0.00009	0.00038	0.00024
${\beta }_2$	0.00917	0.00032	0.0027	0.01917	0.00585	0.00735	0.00921	0.00711
${\beta }_3$	0.00213	0.00443	0.00478	0.0117	0.00387	0.00011	0.00878	0.00223
${\sigma }_1$	0.03085	0.86723	0.10458	5.3965	0.37149	0.36012	0.65545	0.18798
${\sigma }_2$	0.00739	0.00556	0.0804	0.00266	0.0613	0.03337	0.00581	0.0004
${\delta }_1$	0.66585	0.53597	0.20224	5.19249	0.45202	0.34285	0.33273	0.25036
$h_1$	0.49506	0.50793	0.50417	0.56561	0.49765	0.50092	0.49241	0.49909
$d_1$	0.0002	0.00569	0.00262	0.07002	0.00127	0.00532	0.00826	0.00086