Results of country groups and economic freedom
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Countries | AF&AM | AS&AM | AS&AF | LLMI |
| Thre. Value (γ) | 7.7963*** (0.0111) | 6.8510*** (0.1203) | 5.8693*** (0.0920) | 5.8316*** (0.2319) |
| Upper regime (Ins>γ) | ||||
| Foreign aid | −3.1952 (2.5954) | 0.6460*** (0.1834) | 0.9342*** (0.1815) | 0.8128*** (0.1551) |
| EF | −9.4462 (9.1192) | 1.0644*** (0.3516) | −2.4261*** (0.5805) | −0.621(0.5306) |
| GDP | −21.3574 (14.2469) | −0.4994 (0.3267) | −0.585 (0.3837) | 0.291(0.3266) |
| Savings | −0.2971 (0.1891) | 0.0184 (0.0177) | 0.0440*** (0.0083) | 0.0332*** (0.0125) |
| Openness | 0.142 (0.1610) | −0.0184*** (0.0044) | −0.0396*** (0.0063) | −0.0319*** (0.0064) |
| Population | −27.1317 (23.1833) | 0.5285** (0.2395) | 0.4673 (0.4075) | 0.9332** (0.4447) |
| Lower regime (Ins≤γ) | ||||
| Foreign aid | 0.2857*** (0.0345) | −0.2865*** (0.1073) | −1.0946*** (0.1318) | −0.7832*** (0.2158) |
| EF | 0.5012*** (0.1400) | −0.2307 (0.2312) | 3.1636*** (0.5220) | 1.4246*** (0.5165) |
| GDP | 0.9721*** (0.0880) | 1.1769*** (0.1742) | 1.6903*** (0.3463) | 1.0268*** (0.2568) |
| Savings | −0.0159*** (0.0012) | −0.0095 (0.0097) | −0.0466*** (0.0065) | −0.0213* (0.0123) |
| Openness | 0.0039*** (0.0005) | 0.0070*** (0.0013) | 0.0360*** (0.0052) | 0.0281*** (0.0065) |
| Population | 0.1276 (0.2724) | −0.7228*** (0.2370) | −0.4756 (0.3993) | −0.9368** (0.4772) |
| Constant | 285.3077 (197.3577) | −3.8307 (3.0397) | 15.3047*** (4.5505) | −2.088 (5.0613) |
| Number of i | 45 | 35 | 43 | 36 |
| Year fixed effects | Yes | Yes | Yes | Yes |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| 7.7963 | 6.8510 | 5.8693 | 5.8316 | |
| Foreign aid | −3.1952 (2.5954) | 0.6460 | 0.9342 | 0.8128 |
| EF | −9.4462 (9.1192) | 1.0644 | −2.4261 | −0.621(0.5306) |
| GDP | −21.3574 (14.2469) | −0.4994 (0.3267) | −0.585 (0.3837) | 0.291(0.3266) |
| Savings | −0.2971 (0.1891) | 0.0184 (0.0177) | 0.0440 | 0.0332 |
| Openness | 0.142 (0.1610) | −0.0184 | −0.0396 | −0.0319 |
| Population | −27.1317 (23.1833) | 0.5285 | 0.4673 (0.4075) | 0.9332 |
| Foreign aid | 0.2857 | −0.2865 | −1.0946 | −0.7832 |
| EF | 0.5012 | −0.2307 (0.2312) | 3.1636 | 1.4246 |
| GDP | 0.9721 | 1.1769 | 1.6903 | 1.0268 |
| Savings | −0.0159 | −0.0095 (0.0097) | −0.0466 | −0.0213 |
| Openness | 0.0039 | 0.0070 | 0.0360 | 0.0281 |
| Population | 0.1276 (0.2724) | −0.7228 | −0.4756 (0.3993) | −0.9368 |
| Constant | 285.3077 (197.3577) | −3.8307 (3.0397) | 15.3047 | −2.088 (5.0613) |
| Number of | 45 | 35 | 43 | 36 |
| Year fixed effects | Yes | Yes | Yes | Yes |
Notes:
AF, AM and AS denote African, American and Asian countries, respectively. Albania is grouped into Asian country in this study. LLMI denotes low and lower-middle-income countries.
Standard errors in parentheses; ***p < 0.01; **p < 0.05; *p < 0.1
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