**Appendix A**

*Appendix A.1. Result of Cross-Section Short-Run Coefficients*

**Table A1.** Cross-section short-run coefficients.



**Table A1.** *Cont*.

Note: LnVA is dependent variable; \*, \*\* and \*\*\* for statistical significance at 0.10, 0.05 and 0.01 levels, respectively. Source: Author's calculation using Eviews.
