Table 6.

Outputs of panel quantile estimations.

Fully modified ordinary least squares test		Dynamic ordinary least squares test
Independent variable	Coefficient	Independent variable	Coefficient
$REI$	0.035 (0.648)	$REI$	0.505∗∗∗ (0.003)
$GDP$	0.218∗∗∗ (0.001)	$GDP$	0.528 (0.465)
$PPI$	0.213∗∗∗ (0.009)	$PPI$	-1.692∗∗ (0.015)
$COE$	-0.196∗∗∗ (0.003)	$COE$	-0.005 (0.998)

∗∗ and ∗∗∗ imply significance at 5% and 1%. Where applicable, trend and constant are included in the estimation. The bandwidth determination is premised on the Newey-West automatic and Bartlett kernel. The probability values are presented in the parenthesis.