Table 6 Panel VAR (instlags(1/9)) models with the different lags

Dep. Var	Indep. Var	Model 2-1	Model 2-2	Model 2-3
COMP	L.COMP	0.3998***	0.2783***	0.2690***
	L2.COMP	-	0.1475**	0.1305**
	L3.COMP	-	-	0.006
	L.JPG	0.5212	0.2546	0.3638
	L2.JPG	-	0.0726	0.15
	L3.JPG	-	-	−0.004
	L.PPG	0.1375	−0.0831	−0.1738
	L2.PPG	-	0.1457	−0.0496
	L3.PPG	-	-	0.0627
	L.PJRD	−4.3090***	−1.8260***	−1.7353***
	L2.PJRD	-	−1.4202***	−1.0615**
	L3.PJRD	-	-	−0.8103**
JPG	L.COMP	−0.0504***	−0.0297**	−0.0285**
	L2.COMP	-	−0.0310**	−0.0313**
	L3.COMP	-	-	−0.0105
	L.JPG	−0.2562***	−0.098	−0.0315
	L2.JPG	-	−0.0231	−0.0366
	L3.JPG	-	-	−0.033
	L.PPG	0.4725***	0.2339***	0.1158
	L2.PPG	-	0.1568**	0.0763
	L3.PPG	-	-	0.2187***
	L.PJRD	0.5837***	0.2464*	0.2069
	L2.PJRD	-	0.0975	0.2096*
	L3.PJRD	-	-	−0.0828
PPG	L.COMP	−0.0243**	−0.0186**	−0.0170*
	L2.COMP	-	−0.0103	−0.0123
	L3.COMP	-	-	−0.0045
	L.JPG	−0.2307***	−0.1237**	−0.0384
	L2.JPG	-	0.0364	−0.0027
	L3.JPG	-	-	−0.0226
	L.PPG	0.5957***	0.3221***	0.1804***
	L2.PPG	-	0.2054***	0.1200**
	L3.PPG	-	-	0.2279***
	L.PJRD	−0.1932**	−0.1094	−0.1202
	L2.PJRD	-	−0.3605***	−0.135
	L3.PJRD	-	-	−0.2025**
PJRD	L.COMP	−0.0208***	−0.0096*	−0.0089*
	L2.COMP	-	−0.0153***	−0.0124**
	L3.COMP	-	-	−0.0031
	L.JPG	0.0097	0.0349	0.0393
	L2.JPG	-	−0.0006	0.0077
	L3.JPG	-	-	0.0131
	L.PPG	−0.0960***	−0.0670**	−0.0675**
	L2.PPG	-	−0.0528**	−0.0450*
	L3.PPG	-	-	−0.0259
	L.PJRD	0.4140***	0.1561**	0.1033
	L2.PJRD	-	0.2198***	0.1605**
	L3.PJRD	-	-	0.0899*
N		1020	1005	990