Group test results
| Economic freedom level | Industrial upgrading | Ruling party ideology | ||||
|---|---|---|---|---|---|---|
| I | II | III | IV | V | VI | |
| GD | −0.035*** | −0.120*** | −0.126*** | −0.082* | −0.190*** | −0.029 |
| (−2.95) | (−4.01) | (−3.42) | (−1.90) | (−3.91) | (−0.10) | |
| GCF | −0.313*** | −0.572*** | −0.214** | −0.582*** | −0.594*** | −0.291** |
| (−3.56) | (−6.93) | (−2.22) | (−7.45) | (−3.22) | (−2.49) | |
| FDI | −0.020 | 0.054 | −0.128 | 0.051 | −0.441 | 0.177** |
| (−0.09) | (1.38) | (−0.45) | (1.40) | (−1.18) | (2.57) | |
| CPI | 0.123** | 0.190** | 0.100* | 0.140** | −0.192 | 0.714*** |
| (2.31) | (2.40) | (1.72) | (1.97) | (−1.35) | (5.69) | |
| GDP | −0.588*** | −0.980*** | −0.424*** | −1.156*** | −0.552** | −2.102*** |
| (−5.29) | (−8.29) | (−3.67) | (−10.34) | (−2.06) | (−8.52) | |
| EGS | −0.107 | −0.040 | −0.049 | −0.071 | −0.378** | 0.397*** |
| (−1.53) | (−0.52) | (−0.62) | (−0.97) | (−2.09) | (3.24) | |
| Constant | 1.208*** | 1.980*** | 1.373*** | 1.707*** | 1.141*** | 1.991*** |
| (5.68) | (12.82) | (4.41) | (15.55) | (5.81) | (9.02) | |
| R-squared | 0.741 | 0.932 | 0.679 | 0.939 | 0.868 | 0.963 |
| Observations | 479 | 480 | 486 | 487 | 184 | 197 |
| country FE | YES | YES | YES | YES | YES | YES |
| year FE | YES | YES | YES | YES | YES | YES |
| Economic freedom level | Industrial upgrading | Ruling party ideology | ||||
|---|---|---|---|---|---|---|
| I | II | III | IV | V | VI | |
| GD | −0.035*** | −0.120*** | −0.126*** | −0.082* | −0.190*** | −0.029 |
| (−2.95) | (−4.01) | (−3.42) | (−1.90) | (−3.91) | (−0.10) | |
| GCF | −0.313*** | −0.572*** | −0.214** | −0.582*** | −0.594*** | −0.291** |
| (−3.56) | (−6.93) | (−2.22) | (−7.45) | (−3.22) | (−2.49) | |
| FDI | −0.020 | 0.054 | −0.128 | 0.051 | −0.441 | 0.177** |
| (−0.09) | (1.38) | (−0.45) | (1.40) | (−1.18) | (2.57) | |
| CPI | 0.123** | 0.190** | 0.100* | 0.140** | −0.192 | 0.714*** |
| (2.31) | (2.40) | (1.72) | (1.97) | (−1.35) | (5.69) | |
| GDP | −0.588*** | −0.980*** | −0.424*** | −1.156*** | −0.552** | −2.102*** |
| (−5.29) | (−8.29) | (−3.67) | (−10.34) | (−2.06) | (−8.52) | |
| EGS | −0.107 | −0.040 | −0.049 | −0.071 | −0.378** | 0.397*** |
| (−1.53) | (−0.52) | (−0.62) | (−0.97) | (−2.09) | (3.24) | |
| Constant | 1.208*** | 1.980*** | 1.373*** | 1.707*** | 1.141*** | 1.991*** |
| (5.68) | (12.82) | (4.41) | (15.55) | (5.81) | (9.02) | |
| 0.741 | 0.932 | 0.679 | 0.939 | 0.868 | 0.963 | |
| Observations | 479 | 480 | 486 | 487 | 184 | 197 |
| country FE | YES | YES | YES | YES | YES | YES |
| year FE | YES | YES | YES | YES | YES | YES |
Note(s): t-statistics are in parenthesis; ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively
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