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Table 1 
Annual UMSEF Deforestation Rates
 (1)(2)(3)(4)(5)(6)
H1 
 PM (ln)   −0.0192** (0.00751)         
 PM (lag-ln)     −0.0148*** (0.00495)   −0.00802 (0.00770)   
 Total amount (lag-ln)           −0.0147*** (0.00407) 
H1a 
 PC (ln) −0.0227*** (0.00760)           
 PC (lag-ln)       −0.0155*** (0.00512) −0.00916 (0.00798)   
H3 
 Land value (ln) −0.0678 (0.224) −0.181 (0.215) 0.181 (0.174) 0.286 (0.184) 0.257 (0.186) 0.337* (0.182) 
H4 
 Exports (ln) −0.175 (0.161) −0.141 (0.165) −0.0671 (0.107) −0.0871 (0.106) −0.0746 (0.107) −0.0779 (0.104) 
Constant 4.853 (3.257) 5.102 (3.324) 0.373 (2.275) −0.108 (2.311) −0.112 (2.310) −0.710 (2.287) 
FE province YES YES YES YES YES YES 
Observations 111 111 100 100 100 100 
R2 0.156 0.137 0.104 0.106 0.118 0.142 
Provinces 12 12 12 12 12 12 
LogLik −55.97 −57.26 −5.729 −5.594 −4.951 −3.571 
 (1)(2)(3)(4)(5)(6)
H1 
 PM (ln)   −0.0192** (0.00751)         
 PM (lag-ln)     −0.0148*** (0.00495)   −0.00802 (0.00770)   
 Total amount (lag-ln)           −0.0147*** (0.00407) 
H1a 
 PC (ln) −0.0227*** (0.00760)           
 PC (lag-ln)       −0.0155*** (0.00512) −0.00916 (0.00798)   
H3 
 Land value (ln) −0.0678 (0.224) −0.181 (0.215) 0.181 (0.174) 0.286 (0.184) 0.257 (0.186) 0.337* (0.182) 
H4 
 Exports (ln) −0.175 (0.161) −0.141 (0.165) −0.0671 (0.107) −0.0871 (0.106) −0.0746 (0.107) −0.0779 (0.104) 
Constant 4.853 (3.257) 5.102 (3.324) 0.373 (2.275) −0.108 (2.311) −0.112 (2.310) −0.710 (2.287) 
FE province YES YES YES YES YES YES 
Observations 111 111 100 100 100 100 
R2 0.156 0.137 0.104 0.106 0.118 0.142 
Provinces 12 12 12 12 12 12 
LogLik −55.97 −57.26 −5.729 −5.594 −4.951 −3.571 

Note: The DV is the total loss of coverage by year and by province. Standard errors are in parentheses. It should be noted that fixed effect models tend to have a lower R2 than random effect models and basic ordinary least squares because they discard information of variation across cases.

***p < 0.01. **p < 0.05. *p < 0.1. Correlation between PC and PM is 0.7913. Therefore, given that they are highly collinear, we ran them separately.

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