Note(s): Robust standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1. G2SLS: Generalized two-stage least squares

Equations: $LNIUi,t=α0+β1GDPGRi,t+β2INFRi,t+β3DCPSi,t+β4⁡LNGCPi,t+β5FDIi,t+β6LNGCEi,t+β7PGRi,t+β8LNTRADEi,t+β9UNMRi,t+β10URBANi,t+∂1CORi,t+∂2POLi,t+γDt+εi,t$

$LNFBSi,t=α0+β1GDPGRi,t+β2INFRi,t+β3DCPSi,t+β4⁡LNGCPi,t+β5FDIi,t+β6LNGCEi,t+β7PGRi,t+β8LNTRADEi,t+β9UNMRi,t+β10URBANi,t+∂1CORi,t+∂2POLi,t+γDt+εi,t$

Source(s): Authors