Table 7 Countrywise FMOLS regressions

Model 1 (OP = Brent crude OP):

 OP⁺

0.141***

0.101*

0.113*

0.159*

0.056***

1.509**

0.566***

(0.005)

(0.061)

(0.065)

(0.091)

(0.000)

(0.028)

(0.000)

 OP⁻

– 0.004***

– 0.005

– 0.085**

0.038**

– 0.008

0.094**

0.017**

(0.001)

(0.637)

(0.032)

(0.032)

(0.079)

(0.016)

(0.015)

 GDP

0.585***

0.047**

0.192***

0.402***

0.303*

0.446***

0.194***

(0.000)

(0.025)

(0.000)

(0.005)

(0.066)

(0.003)

(0.000)

 NRE

0.607**

0.058**

0.030***

0.432***

0.073**

0.351***

1.024**

(0.034)

(0.046)

(0.000)

(0.000)

(0.019)

(0.000)

(0.049)

 RE

– 0.048

0.033

– 0.018**

– 0.011*

0.027

– 0.145**

– 0.024**

(0.340)

(0.108)

(0.021)

(0.074)

(0.109)

(0.032)

(0.042)

Model 2 (OP = WTI crude OP):

 OP⁺

0.406*

0.470*

0.106*

0.176*

0.580**

1.572**

1.022**

(0.065)

(0.073)

(0.087)

(0.052)

(0.038)

(0.016)

(0.019)

 OP⁻

– 0.005***

– 0.023

– 0.068**

0.035**

0.011

0.009*

0.003**

(0.000)

(0.681)

(0.046)

(0.031)

(0.061)

(0.082)

(0.019)

 GDP

0.674***

0.037***

0.151**

0.038***

0.271**

0.606**

1.102**

(0.000)

(0.007)

(0.036)

(0.010)

(0.012)

(0.014)

(0.041)

 NRE

0.628***

0.078**

0.029***

0.094*

0.007***

1.501***

1.189**

(0.000)

(0.011)

(0.003)

(0.069)

(0.000)

(0.000)

(0.037)

 RE

– 0.249

– 0.043*

– 0.016**

– 0.003*

– 0.018

– 0.161

– 0.086

(0.648)

(0.058)

(0.028)

(0.059)

(0.137)

(0.250)

(0.340)