Table 9 Bootstrap quantile regression.

Variables		FT	EG	FTEG	CAD	ING	GDP	_cons
Lower Quantile	0.1 z-stats	0.106^a	0.227^a	0.116^a	0.21^a	0.036^c	−0.247^a	2.196^a
	0.1 z-stats	3.07	6.78	4.72	3.59	1.65	−7.48	7.84
	0.2	0.126^a	0.249^a	0.109^a	0.182^a	0.038^a	−0.248^a	2.236^a
	z-stats	5.12	11.50	6.80	4.71	3.06	−11.14	11.98
	0.3 z-stats	0.151^a	0.231^a	0.113^a	0.209^a	0.048^a	−0.222^a	2.161^a
	0.3 z-stats	4.98	7.58	7.02	9.14	3.54	−10.16	12.43
Middle Quantile	0.4 z-stats	0.122^a	0.212^a	0.101^a	0.207^a	0.058^a	−0.242^a	2.388^a
	0.4 z-stats	3.17	8.46	5.39	6.03	2.44	−7.98	10.43
	0.5 z-stats	0.14^a	0.202^a	0.082^a	0.224^a	0.076^a	−0.224^a	2.343^a
	0.5 z-stats	4.43	7.39	6.68	6.25	5.15	−13.32	14.26
	0.6 z-stats	0.11^a	0.178^a	0.071^a	0.232^a	0.077^a	−0.244^a	2.624^a
	0.6 z-stats	3.13	5.26	3.44	9.70	5.21	−7.54	8.67
Higher Quantile	0.7 z-stats	0.086^b	0.200^a	0.056^a	0.207^a	0.081^a	−0.293^a	3.074^a
	0.7 z-stats	2.45	3.91	3.15	5.38	2.99	−6.93	9.69
	0.8 z-stats	0.036	0.114^c	0.062^a	0.188^a	0.035	−0.308^a	3.354^a
	0.8 z-stats	0.68	1.96	3.42	5.13	0.85	−10.47	11.93
	0.9 z-stats	0.039	0.13^b	0.061^b	0.182^a	0.037	−0.331^a	3.715^a
	0.9 z-stats	0.87	2.32	2.20	3.98	1.45	−10.19	10.44

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

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