Table 2.

Between-within model for all periods and different stages.

	Model 1: All periods		Model 2: Stage 2- Stage 4		Model 3: Stage 5- Stage 6		Model 4: After Stage 6
	Estimate	Std Error	Estimate	Std Error	Estimate	Std Error	Estimate	Std Error
Temporal effects (within-effects)
COVID14	−0.146***	−0.017	−0.277***	−0.036	−0.260***	−0.028	−0.061***	−0.014
D_COVID14	−0.127***	−0.027	−0.131**	−0.064	−0.973***	−0.049	−0.449***	−0.038
Level1	−0.803***	−0.026	−0.418***	−0.037	–	–	–	–
Level2	−0.587***	−0.027	–	–	0.463***	−0.033	0.075**	−0.035
Level3	−0.857***	−0.025	–	–	0.590***	−0.041	0.125***	−0.037
Lockdown	−3.627***	−0.102	−4.504***	−0.197	–	–	−2.457***	−0.073
FreerefundFeb11	−0.605***	−0.011	−1.771***	−0.026	–	–	–	–
Spatial effects (between-effects)
COVID19	1.467**	−0.726	2.492***	−0.627	−0.199	−0.494	0.209	−0.499
D_COVID19	−2.715***	−1.015	−5.459**	−2.372	−1.592	−1.246	−1.733***	−0.661
Level1	−16.227	−12.304	−8.031***	−2.873	–	–	–	–
Level2	−15.571	−12.275	–	–	1.375***	−0.481	0.413	−0.468
Level3	−15.584	−12.341	–	–	1.399***	−0.441	0.358	−0.413
Lockdown	−3.032***	−1.007	−4.164***	−0.526	–	–	−1.904	−1.839
FreerefundFeb11	–	–	–	–	–	–	–	–
Time-invariant variables
LnPop	0.618***	−0.136	0.558***	−0.119	1.019***	−0.185	0.688***	−0.129
LnGDPpercap	1.192***	−0.162	1.099***	−0.148	1.201***	−0.217	1.246***	−0.17
HubTop10	1.125***	−0.412	1.346***	−0.357	1.525***	−0.558	1.372***	−0.462
Lnalpha	−1.242***	−0.015	−1.198***	−0.026	−1.853***	−0.038	−3.676***	−0.042
Constant	13.17	−11.617	7.395***	−2.704	−5.681***	−1.472	−3.337***	−0.952
Observations	16,731		4901		3887		7943
Number of groups	169		169		169		169

Note: ***p < 0.01, **p < 0.05, *p < 0.1.