Table 7. Regression results Dependent...

Table 7.

Regression results

Dependent variable	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)
Inclusive growth	Index	Index	Index	Index	Index	Index	Index	Index
IGI(−)	1.0340*** (0.0344)	1.0157*** (0.0396)	1.0489*** (0.0367)	1.0092*** (0.0257)	1.0121*** (0.0266)	1.0342*** (0.0367)	1.0274*** (0.0416)	1.0046*** (0.0257)
DGN	0.07487*** (0.0124)	0.08709*** (0.0132)	0.07883*** (0.0146)	0.08418*** (0.0097)	0.08407*** (0.0101)	0.07204*** (0.0134)	0.08789*** (0.0144)	0.08269*** (0.0097)
FDI	0.2966 (0.1940)	0.2123 (0.1443)	0.4839***(0.1728)	0.2093 (0.1901)	0.2073 (0.2101)	0.4126*** (0.1400)	0.2895*** (0.1057)	0.2418 (0.1993)
CPI	0.3488*** (0.0430)	0.3514*** (0.0399)	0.3583*** (0.0281)	0.3613*** (0.0316)	0.3597*** (0.0326)	0.3614*** (0.0285)	0.3460*** (0.0384)	0.3528*** (0.0315)
GQ	0.02173*** (0.0033)
FSB	0.5424** (0.2511)
FSB*VC		0.9842*** (0.1391)
FSB*PS			0.8093*** (0.1897)
FSB*GE				0.4053* (0.2441)
FSB*RQ					0.5151* (0.3021)
FSB*RL						0.8076*** (0.0957)
FSB*CC							0.7800*** (0.1163)
FSB*GQ								0.6560*** (0.2522)
CONSTANT	−0.5773*** (0.1012)	−0.6540*** (0.0891)	−0.6168*** (0.1011)	−0.6350*** (0.0688)	−0.6343*** (0.0714)	−0.5672*** (0.0910)	−0.6667*** (0.0983)	−0.6286*** (0.0685)
Observations	560	560	560	560	560	560	560	560
Prob > Chi²	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
AR(1)	0.0046	0.0052	0.0050	0.0053	0.0054	0.0049	0.0049	0.0054
AR(2)	0.0586	0.0611	0.0804	0.0533	0.0579	0.0658	0.0655	0.0610
Sargan (pvalue)	0.9976	0.9958	1.0000	0.9944	0.9949	1.0000	0.9951	0.9939

Dependent variable	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)
Inclusive growth	Index	Index	Index	Index	Index	Index	Index	Index
IGI(−)	1.0340*** (0.0344)	1.0157*** (0.0396)	1.0489*** (0.0367)	1.0092*** (0.0257)	1.0121*** (0.0266)	1.0342*** (0.0367)	1.0274*** (0.0416)	1.0046*** (0.0257)
DGN	0.07487*** (0.0124)	0.08709*** (0.0132)	0.07883*** (0.0146)	0.08418*** (0.0097)	0.08407*** (0.0101)	0.07204*** (0.0134)	0.08789*** (0.0144)	0.08269*** (0.0097)
FDI	0.2966 (0.1940)	0.2123 (0.1443)	0.4839***(0.1728)	0.2093 (0.1901)	0.2073 (0.2101)	0.4126*** (0.1400)	0.2895*** (0.1057)	0.2418 (0.1993)
CPI	0.3488*** (0.0430)	0.3514*** (0.0399)	0.3583*** (0.0281)	0.3613*** (0.0316)	0.3597*** (0.0326)	0.3614*** (0.0285)	0.3460*** (0.0384)	0.3528*** (0.0315)
GQ	0.02173*** (0.0033)
FSB	0.5424** (0.2511)
FSB*VC		0.9842*** (0.1391)
FSB*PS			0.8093*** (0.1897)
FSB*GE				0.4053* (0.2441)
FSB*RQ					0.5151* (0.3021)
FSB*RL						0.8076*** (0.0957)
FSB*CC							0.7800*** (0.1163)
FSB*GQ								0.6560*** (0.2522)
CONSTANT	−0.5773*** (0.1012)	−0.6540*** (0.0891)	−0.6168*** (0.1011)	−0.6350*** (0.0688)	−0.6343*** (0.0714)	−0.5672*** (0.0910)	−0.6667*** (0.0983)	−0.6286*** (0.0685)
Observations	560	560	560	560	560	560	560	560
Prob > Chi²	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
AR(1)	0.0046	0.0052	0.0050	0.0053	0.0054	0.0049	0.0049	0.0054
AR(2)	0.0586	0.0611	0.0804	0.0533	0.0579	0.0658	0.0655	0.0610
Sargan (pvalue)	0.9976	0.9958	1.0000	0.9944	0.9949	1.0000	0.9951	0.9939

Notes:

Levels of significance: (***) 1, (**) 5 and (*) 10%. Standard errors are in parenthesis. See methodology section for the definitions of variables

Source: Authors

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