Table 8 MMQR analysis.

Variables		FT	EG	FTEG	CAD	ING	GDP	_cons
Location z-stats		0.099^a	0.209^a	0.090^a	0.214^a	0.048^a	−0.287^a	2.937^a
Location z-stats		2.58	4.86	4.24	5.53	2.83	−9.13	10.18
Scale z-stats		0.026	0.058^c	0.018^b	0.002	0.008	−0.026	0.531^b
Scale z-stats		0.88	1.78	1.12	0.08	0.64	−1.1	2.42
Lower Quantile	0.1 z-stats	0.135^b	0.288^a	0.115^a	0.211^a	0.037^c	−0.251^a	2.217^a
	0.1 z-stats	2.09	4.08	3.26	3.26	1.30	−4.81	4.67
	0.2 z-stats	0.124^b	0.265^a	0.108^a	0.212^a	0.040^c	−0.261^a	2.424^a
	0.2 z-stats	2.26	4.37	3.57	3.82	1.65	−5.82	5.94
	0.3 z-stats	0.117^b	0.247^a	0.102^a	0.212^a	0.043^b	−0.269^a	2.584^a
	0.3 z-stats	2.39	4.60	3.82	4.33	1.98	−6.77	7.14
Middle Quantile	0.4 z-stats	0.109^b	0.229^a	0.097^a	0.213^a	0.045^b	−0.278^a	2.750^a
	0.4 z-stats	2.51	4.80	4.07	4.91	2.37	−7.89	8.56
	0.5 z-stats	0.100^b	0.210^a	0.091^a	0.214^a	0.048^a	−0.286^a	2.926^a
	0.5 z-stats	2.58	4.89	4.25	5.5	2.81	−9.08	10.13
	0.6 z-stats	0.092^b	0.192^a	0.085^a	0.215^a	0.051^a	−0.295^a	3.093^a
	0.6 z-stats	2.52	4.74	4.24	5.88	3.15	9.93	11.36
Higher Quantile	0.7 z-stats	0.083^b	0.171^a	0.079^a	0.215^a	0.054^a	−0.304^a	3.280^a
	0.7 z-stats	2.27	4.22	3.91	5.90	3.33	−10.23	12.03
	0.8 z-stats	0.073^c	0.149^a	0.072^a	0.216^a	0.057^a	−0.314^a	3.478^a
	0.8 z-stats	1.85	3.37	3.28	5.46	3.24	−9.72	11.66
	0.9 z-stats	0.055^c	0.110^c	0.059^b	0.218^a	0.062^a	−0.332^a	3.841^a
	0.9 z-stats	1.08	1.90	2.09	4.25	2.75	−7.93	9.88

Source: The authors’ estimations. The coefficient is significant at 1%^a, 5%^b and 10%^c.

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