Dep. Var.

Lnp_flour

PMG estimates

(01.2000-08.2007)

PMG estimates

(08.2007-12.2010)

Convergence Coefficient

−0.17 (0.00)^***

−0.14 (0.03)^***

Long-run coefficients

Lnp_wheat

0.69 (0.06)^***

0.45 (0.07)^***

Short-run coefficients and error correction terms (constants are not reported)

ECT D(Lnp_wheat)

−0.01 (0.01)

0.32 (0.06)^***

−0.26 (0.09)^***

0.12 (0.09)

AKM

ECT D(Lnp_wheat)

−0.19 (0.06)^***

0.70 (0.32)^**

−0.04 (0.05)

0.44 (0.07)^***

AKT

ECT D(Lnp_wheat)

0.01 (0.01)

0.11 (0.04)^**

−0.05 (0.06)

0.11 (0.07)

ALM

ECT D(Lnp_wheat)

−0.01 (0.03)

−0.35 (0.17)^**

−0.10 (0.06)^*

0.40 (0.09)^***

ATY

ECT D(Lnp_wheat)

−0.06 (0.04)

0.32 (0.08)^***

−0.29 (0.12)^**

0.09 (0.10)

EKZ

ECT D(Lnp_wheat)

−0.06 (0.02)

0.24 (0.06)^***

−0.16 (0.07)^**

0.38 (0.11)^***

JAM

ECT D(Lnp_wheat)

−0.05 (0.05)

0.35 (0.09)^***

−0.06 (0.05)

0.32 (0.10)^***

KAR

ECT D(Lnp_wheat)

−0.64 (0.10)^***

−0.19 (0.45)

−0.10 (0.05)^*

0.38 (0.09)^***

KOS

ECT D(Lnp_wheat)

−0.01 (0.03)

0.06 (0.06)

−0.08 (0.06)

0.05 (0.06)

KYZ

ECT D(Lnp_wheat)

−0.62 (0.10)^***

−0.48 (0.47)

−0.31 (0.08)^***

0.29 (0.11)^***

MAN

ECT D(Lnp_wheat)

−0.09 (0.04)^**

0.34 (0.09)^***

−0.15 (0.08)^**

0.16 (0.13)

NKZ

ECT D(Lnp_wheat)

−0.30 (0.08)^***

0.92 (0.39)^**

−0.06 (0.06)

0.28 (0.08)^***

PAV

ECT D(Lnp_wheat)

0.005 (0.03)

0.31 (0.05)^***

−0.23 (0.06)^***

0.14 (0.07)^*

SKZ

ECT D(Lnp_wheat)

−0.35 (0.08)^***

0.26 (0.35)

−0.09 (0.06)^*

0.23 (0.12)

WKZ

No of regions No of obs Log likelihood Hausman test

14 1274 1865.77 0.33

14 574 807.144 0.88