Variables

(1)

(2)

(3)

TR

TR

TR

GDP_j

0.245

2.154

2.096

(0.48)

(0.98)

(1.06)

GDP_i

0.987^***

0.934^***

1.112^***

(21.04)

(13.75)

(14.72)

PEP_j

−25.064

−25.552

(−0.89)

(−1.00)

PEP_i

0.061

−0.065

(1.09)

(−1.09)

DIS_ji

−1.325^***

(−4.02)

Constant

−0.858

495.329

517.406

(−0.10)

(0.88)

(1.02)

Observations

70

70

70

R-squared

0.869

0.873

0.899