表3−5 需要・供給の推定結果

China
Model 1	Model 2	Model 3	Model 4
Demand	Supply	Demand	Supply	Demand	Supply	Demand	Supply
ln(Energy Price)	0.304 ***	0.2854 ***	0.1435 ***	0.1721 ***	0.2462 ***	0.2254 ***	-0.0643	-0.0067
(0.03)	(0.026)	(0.042)	(0.037)	(0.036)	(0.032)	(0.056)	(0.05)
ln(Energy Price) x	0.0204 ***	0.0144 ***	0.0304 ***	0.0227 ***
Energy Intensity	(0.004)	(0.003)	(0.004)	(0.004)
ln(Tariff)	-0.1184 **	-0.2062 ***	-0.1164 ***	-0.2049 ***	-0.1495 ***	-0.2386 ***	-0.215 ***	-0.2875 ***
(0.046)	(0.04)	(0.044)	(0.039)	(0.05)	(0.044)	(0.048)	(0.043)
ln(Capital Share)	0.4873 ***	0.4816 ***	0.4757 ***	0.4733 ***	0.4929 ***	0.4881 ***	0.455 ***	0.4597 ***
(0.033)	(0.029)	(0.032)	(0.028)	(0.034)	(0.029)	(0.032)	(0.029)
ln(Labour Reward)	-0.1529 ***	-0.1324 ***	-0.1391 ***	-0.1227 ***	-0.1546 ***	-0.1343 ***	-0.1545 ***	-0.1342 ***
(0.043)	(0.038)	(0.042)	(0.037)	(0.044)	(0.038)	(0.041)	(0.036)
Industry dummy	yes	yes	yes	yes	yes	yes	yes	yes
Year dummy	yes	yes	yes	yes	yes	yes	yes	yes
Number of Observations	386	386	386	386
R-square	0.986	0.988	0.987	0.989	0.986	0.988	0.988	0.989
F-Stat	503	611	531	628	488	588	547	634

Germany
Model 1	Model 2	Model 3	Model 4
Demand	Supply	Demand	Supply	Demand	Supply	Demand	Supply
ln(Energy Price)	0.069 ***	0.0157	0.0202	-0.0306 *	0.0258	-0.0279	-0.0448 **	-0.0946 ***
(0.018)	(0.017)	(0.017)	(0.016)	(0.02)	(0.019)	(0.02)	(0.018)
ln(Energy Price) x Energy Intensity	0.0173 ***	0.0164 ***	0.0187 ***	0.0177 ***
(0.002)	(0.002)	(0.002)	(0.002)
ln(Tariff)	0.4378 ***	0.5231 ***	0.3692 ***	0.458 ***	0.4555 ***	0.5359 ***	0.3749 ***	0.4598 ***
(0.027)	(0.025)	(0.026)	(0.024)	(0.027)	(0.025)	(0.026)	(0.024)
ln(Capital Share)	0.0822 ***	0.0942 ***	0.0693 ***	0.082 ***	0.0779 ***	0.0919 ***	0.0711 ***	0.0855 ***
(0.013)	(0.012)	(0.012)	(0.011)	(0.013)	(0.012)	(0.012)	(0.011)
ln(Labour Reward)	-0.1836 **	-0.1457 *	-0.1843 **	-0.1463 **	-0.1713 **	-0.1292 *	-0.1692 **	-0.1273 *
(0.08)	(0.074)	(0.073)	(0.067)	(0.081)	(0.075)	(0.074)	(0.067)
Industry dummy	yes	yes	yes	yes	yes	yes	yes	yes
Year dummy	yes	yes	yes	yes	yes	yes	yes	yes
Number of Observations	460	460	460	460
R-square	0.986	0.992	0.988	0.993	0.985	0.992	0.988	0.993
F-Stat	578	980	685	1173	552	954	659	1151

India
Model 1	Model 2	Model 3	Model 4
Demand	Supply	Demand	Supply	Demand	Supply	Demand	Supply
ln(Energy Price)	0.4389 ***	0.3617 ***	0.4381 ***	0.3602 ***	0.0542	0.1183	0.0566	0.1186
(0.045)	(0.04)	(0.046)	(0.041)	(0.083)	(0.075)	(0.084)	(0.075)
ln(Energy Price) x Energy Intensity	0.0007	0.0013	-0.003	-0.0005
(0.01)	(0.009)	(0.011)	(0.01)
ln(Tariff)	0.0969 ***	0.1007 ***	0.0969 ***	0.1006 ***	0.1097 ***	0.1224 ***	0.1099 ***	0.1224 ***
(0.018)	(0.016)	(0.018)	(0.016)	(0.019)	(0.017)	(0.019)	(0.017)
ln(Capital Share)	0.4635 ***	0.553 ***	0.4635 ***	0.553 ***	0.5283 ***	0.5978 ***	0.5284 ***	0.5978 ***
(0.028)	(0.024)	(0.028)	(0.024)	(0.029)	(0.026)	(0.029)	(0.026)
ln(Labour Reward)	-0.2219 ***	-0.2047 ***	-0.2221 ***	-0.2049 ***	-0.2088 ***	-0.1722 ***	-0.2085 ***	-0.1721 ***
(0.042)	(0.037)	(0.042)	(0.037)	(0.04)	(0.036)	(0.04)	(0.036)
Industry dummy	yes	yes	yes	yes	yes	yes	yes	yes
Year dummy	yes	yes	yes	yes	yes	yes	yes	yes
Number of Observations	439	439	439	439
R-square	0.978	0.982	0.978	0.982	0.974	0.978	0.974	0.978
F-Stat	362	449	353	438	310	369	303	361