Table 6 Regression results using the...

Table 6

Regression results using the fixed-effect model

Variables	Model 1	Model 2
LNGDP	0.267*** (<0.001)	0.75*** (<0.001)
LNGDP_SQUARED		−0.071*** (0.0042)
TRADE	0.192*** (<0.001)	0.182*** (<0.001)
UR	1.591*** (<0.001)	1.491*** (<0.001)
IND	0.054 (0.546)	0.049 (0.582)
IP	0.052*** (0.0001)	0.057*** (<0.001)
C	2.565*** (<0.001)	1.831*** (<0.001)
R-squared	0.993	0.994
Adjusted R-squared	0.993	0.993
F-statistic	1593.87	1576.731
Prob(F-statistic)	<0.001	<0.001
Durbin–Watson	0.380	0.379
N	329	329
Wald test	<0.001	<0.001
Wooldridge test	<0.001	<0.001
Hausman test	<0.001	<0.001
Redundant fixed-effect test	<0.001	<0.001
Country-fixed effect	Yes	Yes
Year-fixed effect	Yes	Yes

Variables	Model 1	Model 2
LNGDP	0.267*** (<0.001)	0.75*** (<0.001)
LNGDP_SQUARED		−0.071*** (0.0042)
TRADE	0.192*** (<0.001)	0.182*** (<0.001)
UR	1.591*** (<0.001)	1.491*** (<0.001)
IND	0.054 (0.546)	0.049 (0.582)
IP	0.052*** (0.0001)	0.057*** (<0.001)
C	2.565*** (<0.001)	1.831*** (<0.001)
R-squared	0.993	0.994
Adjusted R-squared	0.993	0.993
F-statistic	1593.87	1576.731
Prob(F-statistic)	<0.001	<0.001
Durbin–Watson	0.380	0.379
N	329	329
Wald test	<0.001	<0.001
Wooldridge test	<0.001	<0.001
Hausman test	<0.001	<0.001
Redundant fixed-effect test	<0.001	<0.001
Country-fixed effect	Yes	Yes
Year-fixed effect	Yes	Yes

Note(s): Table 6 represents the estimation results from FEM. The sample has 329 observations in West and South Asian countries from 2000 to 2020. Variable definitions are in Appendix A. Significance: *p < 0.10, **p < 0.05, ***p < 0.01

Source(s): Authors’ calculations

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