Table 6 Threshold model regression results

REC

0.006** (0.004)

− 1.649** (0.014)

(REC ≤ 0.67)

− 0.109*** (0.000)

(TC ≤ 0.75)

− 0.053 (0.330)

(EC ≤ 1.03)

0.054** (0.011)

(FED ≤ 0.13)

− 0.006*(0.074)

(PGDP ≤ 9.10)

0.033*** (0.000)

(0.67 < REC ≤ 10.87)

− 0.008* (0.077)

(0.75 < TC ≤ 1.23)

− 0.142***

(EC > 1.03)

− 0.029*** (0.004)

(FED > 0.13)

0.005* (0.082)

(9.10 < PGDP ≤ 9.17)

− 0.003*** (0.001)

(REC > 10.87)

0.028*** (0.000)

(TC > 1.23)

0.021** (0.043)

(PGDP > 9.17)

DEN

− 0.158*** (0.000)

− 0.198*** (0.000)

− 0.141** (0.048)

− 0.196** (0.037)

− 0.153** (0.032)

− 0.141* (0.052)

GOV

0.002*** (0.000)

0.002* (0.076)

0.00*** (0.000)

0.003* (0.065)

0.001*** (0.000)

0.002** (0.027)

UNE

− 0.004* (0.076)

− 0.003 (0.370)

− 0.002*** (0.001)

− 0.003*** (0.000)

− 0.002** (0.028)

− 0.003*** (0.000)

Cons

1.514*** (0.000)

2.312*** (0.000)

2.454*** (0.000)

2.043*** (0.000)

1.923*** (0.000)

0.319

obs

270

270

270

270

270

270

F test

34.46

35.47

27.84

32.56

34.11

30.52