Panel regression with Driscoll-Kraay standard errors
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Pooled | FE | RE | |
| lagpcgdp | 0.995*** | 0.982*** | 0.992*** |
| (0.00652) | (0.0229) | (0.00783) | |
| corr | 0.0542*** | 0.0135 | 0.0240 |
| (0.0140) | (0.0182) | (0.0215) | |
| corrsq | −0.0686*** | −0.0612** | −0.0672** |
| (0.0131) | (0.0283) | (0.0258) | |
| gfcf | 0.00144** | 0.000809 | 0.00125** |
| (0.000638) | (0.00205) | (0.000479) | |
| govexp | −0.00840*** | −0.00944** | −0.00408* |
| (0.00226) | (0.00364) | (0.00229) | |
| pop | 0.00172 | −0.0203 | −0.0284** |
| (0.0176) | (0.0187) | (0.0124) | |
| trade | 5.21e-05 | −6.31e-05 | 0.000117 |
| (0.000188) | (0.000460) | (0.000396) | |
| inf | −0.000179 | −0.000393 | −0.000344 |
| (0.000373) | (0.000503) | (0.000581) | |
| polsta | 0.0138 | −0.00927 | 0.00423 |
| (0.0105) | (0.0121) | (0.00768) | |
| rulaw | −0.0452** | 0.00949 | −0.00550 |
| (0.0211) | (0.0228) | (0.0131) | |
| corr*rulaw | 0.134*** | 0.0839 | 0.0748 |
| (0.0342) | (0.0691) | (0.0703) | |
| liter | 0.000599** | −0.000130 | −4.66e-05 |
| (0.000236) | (0.000179) | (0.000200) | |
| Constant | 0.182** | 0 | 0 |
| (0.0792) | (0) | (0) | |
| Hausman test | 2.02 (P value = 0.9998) | ||
| Observations | 119 | 119 | 119 |
| R-squared | 0.999 | 0.9975 | 0.9996 |
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Pooled | FE | RE | |
| lagpcgdp | 0.995*** | 0.982*** | 0.992*** |
| (0.00652) | (0.0229) | (0.00783) | |
| corr | 0.0542*** | 0.0135 | 0.0240 |
| (0.0140) | (0.0182) | (0.0215) | |
| corrsq | −0.0686*** | −0.0612** | −0.0672** |
| (0.0131) | (0.0283) | (0.0258) | |
| gfcf | 0.00144** | 0.000809 | 0.00125** |
| (0.000638) | (0.00205) | (0.000479) | |
| govexp | −0.00840*** | −0.00944** | −0.00408* |
| (0.00226) | (0.00364) | (0.00229) | |
| pop | 0.00172 | −0.0203 | −0.0284** |
| (0.0176) | (0.0187) | (0.0124) | |
| trade | 5.21e-05 | −6.31e-05 | 0.000117 |
| (0.000188) | (0.000460) | (0.000396) | |
| inf | −0.000179 | −0.000393 | −0.000344 |
| (0.000373) | (0.000503) | (0.000581) | |
| polsta | 0.0138 | −0.00927 | 0.00423 |
| (0.0105) | (0.0121) | (0.00768) | |
| rulaw | −0.0452** | 0.00949 | −0.00550 |
| (0.0211) | (0.0228) | (0.0131) | |
| corr*rulaw | 0.134*** | 0.0839 | 0.0748 |
| (0.0342) | (0.0691) | (0.0703) | |
| liter | 0.000599** | −0.000130 | −4.66e-05 |
| (0.000236) | (0.000179) | (0.000200) | |
| Constant | 0.182** | 0 | 0 |
| (0.0792) | (0) | (0) | |
| Hausman test | 2.02 ( | ||
| Observations | 119 | 119 | 119 |
| R-squared | 0.999 | 0.9975 | 0.9996 |
Note(s): (*, **, ***) denotes statistical significance at 10%, 5% and 1%. RE and FE estimates controls for both individual and time effects
Source(s): Author's calculations – robust standard errors reported
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