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( 1 2 ) H K e H K H K 0 3 3 ρ =

3t

( 1 0 ) H K R e H K R H K R 0 1 1 ρ =

1t

( 1 1 ) H K R e H K R H K R 0 2 2 ρ =

2t

( 1 2 ) H K R e H K R H K R 0 3 3 ρ =

3t

( 1 3 ) t L e L L 1 0 1 1 ρ =

( 1 4 ) t L e L L 2 0 2 2 ρ =

( 1 5 ) t L e L L 3 0 3 3 ρ =

(16) STR1 = STR1

(17) STR2 = STR2

(18) STR3 = STR3

( 1 9 ) I C T e I C T I C T 1 0 1 1 ρ =

t

( 2 0 ) t I C T e I C T I C T 2 0 2 2 ρ =

( 2 1 ) t I C T e I C T I C T 3 0 3 3 ρ =

Endogenous:

( 2 2 ) t Y e Y Y * 1 1 µ =

( 2 3 ) t Y e Y Y 2 * 2 2 µ =

( 2 4 ) t Y e Y Y 3 * 3 3 µ =

( 2 5 ) t h h S h e S S 1 * 1 1 µ =

  • -

    36 -

APPENDIX

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