Results of fixed-effects regression analysis
| GDP PPP | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|
| INF | −1146.978 (0.003) | −911.381 (0.053) | −1341.901 (0.003) | −1414.993 (0.002) | −1713.657 (0.000) | −1252.909 (0.006) |
| FDI (−1) | −105.017 (0.098) | −48.318 (0.532) | −56.651 (0.465) | −45.038 (0.564) | −54.676 (0.000) | −53.491 (0.496) |
| DCPS | 30.229 (0.011) | 33.424 (0.022) | 42.183 (0.003) | 34.801 (0.019) | 27.606 (0.046) | 40.731 (0.005) |
| EXCH | 50.217 (0.000) | 60.954 (0.000) | 58.257 (0.000) | 57.090 (0.000) | 55.055 (0.000) | 59.466 (0.000) |
| LF | −266.795 (0.000) | −189.874 (0.011) | −186.262 (0.013) | −227.337 (0.004) | −229.619 (0.001) | −185.592 (0.016) |
| PS | 552.879 (0.037) | |||||
| RL | −1191.710 (0.060) | |||||
| GEF | −1241.116 (0.119) | |||||
| RQ | −2295.676 (0.000) | |||||
| CC | 178.305 (0.801) | |||||
| C | 17325.010 (0.000) | 12410.450 (0.011) | 11350.910 (0.020) | 14203.100 (0.005) | 14086.200 (0.003) | 11809.980 (0.017) |
| F | 74.17 (0.000) | 35.07 (0.000) | 34.71 (0.000) | 34.22 (0.000) | 40.93 (0.000) | 33.21 (0.000) |
| R-Square | 0.6757 | 0.6199 | 0.6175 | 0.6142 | 0.6556 | 0.6070 |
| Hausman Test | 14.584(0.012) | 15.787(0.014) | 57.276 (0.000) | 41.435(0.000) | 95.591(0.000) | 32.396(0.000) |
| GDP PPP | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|
| INF | −1146.978 (0.003) | −911.381 (0.053) | −1341.901 (0.003) | −1414.993 (0.002) | −1713.657 (0.000) | −1252.909 (0.006) |
| FDI (−1) | −105.017 (0.098) | −48.318 (0.532) | −56.651 (0.465) | −45.038 (0.564) | −54.676 (0.000) | −53.491 (0.496) |
| DCPS | 30.229 (0.011) | 33.424 (0.022) | 42.183 (0.003) | 34.801 (0.019) | 27.606 (0.046) | 40.731 (0.005) |
| EXCH | 50.217 (0.000) | 60.954 (0.000) | 58.257 (0.000) | 57.090 (0.000) | 55.055 (0.000) | 59.466 (0.000) |
| LF | −266.795 (0.000) | −189.874 (0.011) | −186.262 (0.013) | −227.337 (0.004) | −229.619 (0.001) | −185.592 (0.016) |
| PS | 552.879 (0.037) | |||||
| RL | −1191.710 (0.060) | |||||
| GEF | −1241.116 (0.119) | |||||
| RQ | −2295.676 (0.000) | |||||
| CC | 178.305 (0.801) | |||||
| C | 17325.010 (0.000) | 12410.450 (0.011) | 11350.910 (0.020) | 14203.100 (0.005) | 14086.200 (0.003) | 11809.980 (0.017) |
| 74.17 (0.000) | 35.07 (0.000) | 34.71 (0.000) | 34.22 (0.000) | 40.93 (0.000) | 33.21 (0.000) | |
| 0.6757 | 0.6199 | 0.6175 | 0.6142 | 0.6556 | 0.6070 | |
| Hausman Test | 14.584(0.012) | 15.787(0.014) | 57.276 (0.000) | 41.435(0.000) | 95.591(0.000) | 32.396(0.000) |
Note(s): Number in parentheses are p-value
Source(s): Author’s calculation