Table 7

Economic development channel

VariablesLevel of economic development
(1)(2)(3)(4)
GDP per capitalMarket capitalization
Sanction−0.097*** −0.299*** 
(0.016) (0.061) 
Arms 0.056 0.005
 (0.035) (0.181)
Military −0.089*** −0.330***
 (0.017) (0.061)
Trade −0.090*** −0.322***
 (0.017) (0.060)
Financial −0.021 −0.085
 (0.020) (0.108)
Travel −0.046 −0.273*
 (0.034) (0.158)
Other 0.021 0.048
 (0.025) (0.137)
Unemployment_ratio−1.762***−1.760***−3.178***−2.987***
(0.180)(0.181)(0.615)(0.598)
Bank_branch0.769***0.770***1.124***1.127***
(0.103)(0.101)(0.392)(0.372)
Openess−0.397***−0.398***−0.323***−0.355***
(0.040)(0.040)(0.101)(0.096)
Government_size−3.194***−3.252***−0.460−0.464
(0.293)(0.298)(1.129)(1.136)
Population_density0.013*0.013*0.100***0.102***
(0.007)(0.007)(0.020)(0.021)
Constant1.026***1.018***2.760***2.765***
(0.081)(0.081)(0.269)(0.268)
Observations1,4331,433813813
R-squared0.9910.9920.9850.985
Country FEsYESYESYESYES
Year FEsYESYESYESYES

Note(s): Robust standard errors in parentheses

***p < 0.01, **p < 0.05, *p < 0.1

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