Table 6 Results of fixed effect models...

Table 6

Results of fixed effect models clustering on country for each income group

(1) Variable name	(2) Low income	(3) Lower middle income	(4) Upper middle income
Trade Openness (CTS)	−0.66 (0.10)	−0.034 (0.00) ***	−0.009 (0.03) **
Growth Rate	0.006 (0.92)	−0.4 (0.30)	−0.08 (0.00) ***
School Enrollment	0.04 (0.46)	0.06 (0.52)	0.02 (0.68)
Labor Productivity	−0.02 (0.00) ***	−0.01 (0.23)	−00009 (0.24)
Age Dependency	−0.087 (0.85)	0.70 (0.01) **	−0.17 (0.22)
Unemployment Rate	0.497 (0.54)	0.23 (0.64)	0.09 (0.39)
Inflation	−0.0003 (0.00) ***	−0.07 (0.01) **	0.004 (0.82)
Constant	78.23 (0.002) **	−29.97 (0.16)	11.55 (0.31)
Number of Observations	408	663	544
Number of Groups	24	39	32
F-value	6455.42	86.15	5.71
Prob > F	0.000	0.00	0.00
Overall R²	0.32	0.28	0.0007

(1) Variable name	(2) Low income	(3) Lower middle income	(4) Upper middle income
Trade Openness (CTS)	−0.66 (0.10)	−0.034 (0.00) ***	−0.009 (0.03) **
Growth Rate	0.006 (0.92)	−0.4 (0.30)	−0.08 (0.00) ***
School Enrollment	0.04 (0.46)	0.06 (0.52)	0.02 (0.68)
Labor Productivity	−0.02 (0.00) ***	−0.01 (0.23)	−00009 (0.24)
Age Dependency	−0.087 (0.85)	0.70 (0.01) **	−0.17 (0.22)
Unemployment Rate	0.497 (0.54)	0.23 (0.64)	0.09 (0.39)
Inflation	−0.0003 (0.00) ***	−0.07 (0.01) **	0.004 (0.82)
Constant	78.23 (0.002) **	−29.97 (0.16)	11.55 (0.31)
Number of Observations	408	663	544
Number of Groups	24	39	32
F-value	6455.42	86.15	5.71
Prob > F	0.000	0.00	0.00
Overall R²	0.32	0.28	0.0007

Note(s): p values are shown in the parenthesis. ***, ** and * indicates significant at 1%, 5% and 10% level of significance respectively. Time dummies are included for each of the estimated model

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