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�I 2À 34.2 úô 8.46 þ° 6.55

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m\Ç 217100 0.593 0.314 0 15.73

]7�Ý 217100 225.85 427.407 1.158 26481.03

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y76þ 189406 6.895 1.688 0 11.483

è�5� 217100 9.72 1.372 7.173 13.887

]�6Ä5 217100 0.039 0.326 -15.36 0.998

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n�Ó' 2762 25.766 14.644 2.23 96.7

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Table 6: ©¤k�

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�S{ 0.115*** 0.060*** 0.063*** 0.039***

(-0.024) (-0.016) (-0.015) (-0.006)

� 0.011 -0.024 0.025* 0.036***

(-0.024) (-0.015) (-0.015) (-0.006)

è�A� Y Y Y Y Y Y Y Y

/«A� Y Y Y Y Y Y Y Y

1�J[ Y Y Y Y Y Y Y Y

�°J[ Y Y Y Y Y Y Y Y

pseudo

R2

0.253 0.254 0.17 0.17 0.186 0.186 0.204 0.204

��þ 8030 8030 14419 14419 24683 24683 94212 94212

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�^Å� EU�¤

Table 7: EU�¤

$EU $EU ¥�EU ¥�EU pEU pEU

(1) (2) (3) (4) (5) (6)

6Ä<� -0.005 -0.001 0.005***

(-0.003) (-0.003) (-0.002)

{S -0.006 0.007** -0.001

(-0.004) (-0.003) (-0.002)

�S{ -0.009** 0.002 0.007***

(-0.004) (-0.003) (-0.002)

� 0.013*** -0.012*** -0.001

(-0.004) (-0.003) (-0.002)

��Y² -0.076** -0.074** 0.042* 0.043* 0.034** 0.032**

(-0.031) (-0.032) (-0.025) (-0.025) -0.015 (-0.015)

��Ó' 0.188*** 0.190*** -0.139*** -0.113*** -0.050*** -0.077***

(-0.021) (-0.024) (-0.016) (-0.018) -0.009 (-0.01)

n�Ó' -0.032 -0.042 -0.054** -0.027 0.085*** 0.069***

(-0.037) (-0.037) (-0.027) (-0.028) -0.018 (-0.018)

�à<� -0.002*** -0.001*** 0.001*** 0.001*** 0.000*** 0.000***

(0.000) (0.000) (0.000) (0.000) (0.000) (0.000)

«{ Y Y Y Y Y Y

¢½?O Y Y Y Y Y Y

R2 0.267 0.281 0.191 0.2 0.331 0.35

��þ 2765 2765 2765 2765 2765 2765

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�^Å� EU�¤

Table 8: <�6Ä�EU�¤CÄ

ýéþ '­

$EU ¥�EU pEU $EU ¥�EU pEU

�S{ 0.035*** 0.079*** 0.136*** -0.007*** 0.002 0.005***

(-0.008) (-0.014) (-0.021) (-0.002) (-0.001) (-0.001)

� 0.014*** 0.015 0.110*** -0.002* -0.001 0.004***

(-0.005) (-0.011) (-0.015) (-0.001) (-0.001) (-0.001)

�à<�Ó

'

-0.018* 0.005 -0.003 -0.002 0.002 0.000

(-0.01) (-0.02) (-0.016) (-0.003) (-0.003) (-0.001)

��Ó' -0.048 0.124 0.451*** 0.013 0.001 -0.014**

(-0.037) (-0.081) (-0.126) (-0.008) (-0.006) (-0.006)

n�Ó' -0.062* 0.016 0.135 0.013* 0.003 -0.015***

(-0.035) (-0.093) (-0.162) (-0.008) (-0.005) (-0.005)

<þGDP -0.014 -0.034* -0.145*** -0.012*** 0.002 0.010***

(-0.009) (-0.018) (-0.027) (-0.002) (-0.002) (-0.001)

<þè/¡

È

-0.132*** -0.080** -0.281** -0.009** 0.008** 0.001

(-0.044) (-0.037) (-0.123) (-0.004) (-0.004) (-0.003)

�½�A Y Y Y Y Y Y

�m�A Y Y Y Y Y Y

R2 0.197 0.606 0.92 0.811 0.568 0.778

��þ 3965 3965 3965 3965 3965 3965

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Page 26: 2017 c10 9 F - Ming Yi's Personal Website · 2020. 6. 24. · 2003⁄ o[ (u¥›E„˘†L˘ ) ... ìÀ fi15.98 2À 8.97 U9 8.5 àH2À34.16 #ı 10.42 fi 9.86 2À52.24 œô 8.73

�^� ٦�

Table 9: ٦�^�))|db`

ÆdUå NÄå¤�

(1) (2) (3) (4)

6Ä<� 30.374 0.020*

(-34.661) (-0.011)

{S 165.888*** 0.015

(-42.674) (-0.032)

�S{ 157.487*** 0.021

(-38.057) (-0.02)

� -242.481*** 0.001

(-38.459) (-0.013)

è�A� Y Y Y Y

/«A� Y Y Y Y

1�J[ Y Y Y Y

�°J[ Y Y Y Y

R2 0.37 0.37 0.765 0.766

��þ 141344 141344 1874 1874

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Page 27: 2017 c10 9 F - Ming Yi's Personal Website · 2020. 6. 24. · 2003⁄ o[ (u¥›E„˘†L˘ ) ... ìÀ fi15.98 2À 8.97 U9 8.5 àH2À34.16 #ı 10.42 fi 9.86 2À52.24 œô 8.73

­è5u�9ÿÐ ­è5u�

Table 10: ­è5u��

EâÚ? ��IV ÿþØ� OLS

(1) (2) (3) (4) (5) (6) (7) (8)

6Ä<� 0.636*** 0.270*** 0.071*** 0.067***

(-0.068) (-0.046) (-0.005) (-0.004)

{S 0.139 -0.659** -0.038*** -0.027***

(-0.147) (-0.299) (-0.005) (-0.005)

�S{ 0.306** -2.488*** 0.060*** 0.057***

(-0.15) (-0.471) (-0.005) (-0.005)

� 0.373*** 3.395*** 0.036*** 0.020***

(-0.05) (-0.619) (-0.005) (-0.005)

FDI 0.008*** -0.020***

(-0.003) (-0.004)

è�A� Y Y Y Y Y Y Y Y

/«A� Y Y Y Y Y Y Y Y

1�J[ Y Y Y Y Y Y Y Y

�°J[ Y Y Y Y Y Y Y Y

Wald ) ) 22.25*** 261.13*** ) ) ) )

pseudo

R2

) ) ) ) 0.242 0.242 ) )

chi2 126203.99 116665.6 192661.04 63487.19 ) ) ) )

R2 ) ) ) ) ) ) 0.541 0.541

��þ 135431 135431 185715 185715 141344 141344 141344 141344

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Page 28: 2017 c10 9 F - Ming Yi's Personal Website · 2020. 6. 24. · 2003⁄ o[ (u¥›E„˘†L˘ ) ... ìÀ fi15.98 2À 8.97 U9 8.5 àH2À34.16 #ı 10.42 fi 9.86 2À52.24 œô 8.73

­è5u�9ÿÐ ­è5u�

Table 11: ­è5u��

�Ñ�è� Ñ�è� ð�1�

(1) (2) (3) (4) (5) (6)

6Ä<� 0.077*** 0.042* 0.093***

(-0.005) (-0.022) (-0.028)

{S -0.025*** -0.072*** -0.055**

(-0.006) (-0.023) (-0.027)

�S{ 0.060*** 0.071*** 0.075***

(-0.006) (-0.023) (-0.027)

� 0.028*** 0.033 0.058**

(-0.005) (-0.022) (-0.025)

è�A� Y Y Y Y Y Y

/«A� Y Y Y Y Y Y

1�J[ Y Y Y Y Y Y

�°J[ Y Y Y Y Y Y

pseudo

R2

0.209 0.209 0.284 0.285 0.247 0.235

��þ 132666 132666 8678 8678 5470 5470

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Page 29: 2017 c10 9 F - Ming Yi's Personal Website · 2020. 6. 24. · 2003⁄ o[ (u¥›E„˘†L˘ ) ... ìÀ fi15.98 2À 8.97 U9 8.5 àH2À34.16 #ı 10.42 fi 9.86 2À52.24 œô 8.73

­è5u�9ÿÐ ­è5u�

Table 12: ¿�é�ÅA^�K�

Eâ¿� ½|¿�§Ý

(1) (2) (3) (4)

6Ä<� 0.076*** 0.093***

(-0.005) (-0.005)

{S -0.028*** -0.032***

(-0.006) (-0.006)

�S{ 0.067*** 0.055***

(-0.006) (-0.006)

� 0.022*** 0.047***

(-0.006) (-0.006)

1�SY² -61.468*** -61.382***

(-16.83) (-16.77)

½|¿� 0.162 0.172

(-0.195) (-0.195)

è�A� Y Y Y Y

/«A� Y Y Y Y

1�J[ Y Y Y N

�°J[ Y Y Y Y

pseudo R2 0.223 0.223 0.189 0.189

��þ 119143 119143 141344 141344

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Page 30: 2017 c10 9 F - Ming Yi's Personal Website · 2020. 6. 24. · 2003⁄ o[ (u¥›E„˘†L˘ ) ... ìÀ fi15.98 2À 8.97 U9 8.5 àH2À34.16 #ı 10.42 fi 9.86 2À52.24 œô 8.73

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Table 13: ár��

árJ ár´

(1) (2) (3) (4)

6Ä<� 0.048** 0.070***

(-0.02) (-0.014)

{S -0.082*** -0.088***

(-0.028) (-0.015)

�S{ 0.03 0.105***

(-0.018) (-0.014)

� 0.090*** 0.025*

(-0.033) (-0.015)

è�A� Y Y Y Y

/«A� Y Y Y Y

1�J[ Y Y Y Y

�°J[ Y Y Y Y

pseudo

R2

0.226 0.227 0.221 0.221

��þ 12021 12021 35860 35860

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Page 31: 2017 c10 9 F - Ming Yi's Personal Website · 2020. 6. 24. · 2003⁄ o[ (u¥›E„˘†L˘ ) ... ìÀ fi15.98 2À 8.97 U9 8.5 àH2À34.16 #ı 10.42 fi 9.86 2À52.24 œô 8.73

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Table 14: �ÅA^�è�)�Ç

OLS ?n�A�.

(1) (2) (3) (4) (5)

�Åê 0.029*** 0.061*** 0.057*** 1.724*** 1.200***

(-0.004) (-0.004) (-0.004) (-0.044) (-0.062)

è�A� Y Y Y Y Y

1�J[ N Y Y Y Y

�°J[ N N Y Y Y

rho -0.598***

-0.017

lambda -0.546***

-0.033

R2 0.114 0.122 0.137 - -

��þ 160364 160364 160364 118818 118818

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?§"

3«©6Ä<�5 �§(Jw«�S{±9�S6Ä<��O\þr

?ó��Å�A^§Ù¥�S<�6Ä����A��­è"

<�6Ä�K�´ÊH/§é¥!À!¥ÜÜ/«�ó�gÄzY²Ñå

�r?�^§�K�§ÝÚ�^5 �3É�5"

«©è�¤k��§Ø8Nè�§<�6ÄéIk!¬E±9è��

ÅA^Y²þkwÍr?�^§Ù¥é¬Eè��K��wÍ"

<�6Ä\¯ó��Uz?§Ì�´ÏLJp6\/<å]�Y²5¢y

/§dd�)�]�- EUpÖ�A-uè�é���Uz,?�I

¦"

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