Robustness check (2SLS)
| Variable | I | II |
|---|---|---|
| IV | 0.526*** (5.29) | |
| GD | 0.120** (2.15) | |
| GDP | 0.246** (2.50) | −2.569*** (−19.20) |
| GDP_squared | −0.004** (−2.19) | 0.054*** (20.35) |
| TP | 0.015** (2.55) | 0.195*** (18.04) |
| UR | 0.047 (1.44) | 0.061 (1.23) |
| SI | 0.124** (2.26) | −0.415*** (−5.26) |
| FDI | 0.170 (1.15) | −0.019 (−0.08) |
| FFEC | 0.026 (1.48) | 0.396*** (13.30) |
| Observations | 1,256 | 1,256 |
| Country FE | YES | YES |
| Year FE | YES | YES |
| F statistic | 20.07 |
| Variable | I | |
|---|---|---|
| 0.526 | ||
| 0.120 | ||
| 0.246 | −2.569 | |
| GDP_squared | −0.004 | 0.054 |
| 0.015 | 0.195 | |
| 0.047 (1.44) | 0.061 (1.23) | |
| 0.124 | −0.415 | |
| 0.170 (1.15) | −0.019 (−0.08) | |
| 0.026 (1.48) | 0.396 | |
| Observations | 1,256 | 1,256 |
| Country | ||
| Year | ||
| 20.07 |
t-Statistics are in parenthesis; ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively