Table 3 Full sample results Fixed...

Table 3

Full sample results

						System GMM
	3–1	3–2	3–3	3–4	3–5	3–6	3–7	3–8	3–9	3–10
HDI_t-1						0.915*** 0.035	0.933*** 0.033	0.923*** 0.036	0.925*** 0.030	0.916*** 0.037
FDI_t-1	0.047 0.043			0.077 0.165	0.028 0.105	−0.004 0.004			0.021 0.017	−0.008 0.011
Demo_t-1		0.076*** 0.025		0.077*** 0.024			0.015** 0.006		0.016** 0.007
Demo_Cap_t-1			0.139*** 0.033		0.141*** 0.033			0.007 0.005		0.003 0.007
FDI*Demo_t-1				−0.059 0.207					0.000 0.000
FDI*Demo_Cap_t-1					−0.001 0.002					0.000 0.000
GDPG_t-1	0.124*** 0.037	0.089** 0.039	0.075* 0.040	0.090** 0.042	0.077* 0.042	0.053*** 0.008	0.054*** 0.006	0.057*** 0.007	0.054*** 0.007	0.057*** 0.008
Trade_t-1	−0.009 0.015	−0.014 0.016	−0.020 0.016	−0.014 0.016	−0.020 0.016	−0.009* 0.005	−0.004 0.004	−0.008 0.007	−0.007* 0.004	−0.012* 0.007
GFCF_t-1	0.235*** 0.066	0.230*** 0.059	0.195*** 0.050	0.197* 0.116	0.191*** 0.047	0.033*** 0.010	0.023** 0.009	0.033*** 0.012	0.030*** 0.009	0.040*** 0.009
Inf_t-1	0.000*** 0.000	0.000*** 0.000	0.000 0.000	0.213*** 0.061	0.000 0.000	0.000*** 0.000	0.000*** 0.000	0.000*** 0.000	0.000*** 0.000	0.000*** 0.000
Credit_t-1	0.188 0.124	0.197* 0.116	0.120 0.092	0.000*** 0.000	0.123 0.095	−0.043** 0.021	−0.034* 0.020	−0.036* 0.019	−0.029** 0.015	−0.029** 0.014
Pop_U14_t-1	−0.973*** 0.306	−0.733** 0.283	−0.593** 0.296	−0.725** 0.277	−0.582* 0.299	−0.351*** 0.077	−0.243*** 0.085	−0.303*** 0.065	−0.244*** 0.075	−0.294*** 0.069
C	0.800*** 0.137	0.656*** 0.130	0.618*** 0.127	0.654*** 0.126	0.613*** 0.128	0.201*** 0.043	0.134*** 0.045	0.172*** 0.036	0.137*** 0.039	0.173*** 0.037
R² within	0.390	0.437	0.551	0.436	0.548
R² between	0.486	0.437	0.392	0.427	0.387
R² overall	0.492	0.439	0.424	0.431	0.418
F-statistic	130.870***	155.550***	342.160***	131.010***	265.740***	22.17***	22.31***	22.31***	22.17***	22.170***
AR(2) prob						0.541	0.599	0.489	0.754	0.516
Hansen prob						0.17	0.206	0.143	0.116	0.062
Instruments						33	33	33	31	31
Observations	825	830	830	825	825	798	803	803	798	798

						System GMM
	3–1	3–2	3–3	3–4	3–5	3–6	3–7	3–8	3–9	3–10
HDI_t-1						0.915*** 0.035	0.933*** 0.033	0.923*** 0.036	0.925*** 0.030	0.916*** 0.037
FDI_t-1	0.047 0.043			0.077 0.165	0.028 0.105	−0.004 0.004			0.021 0.017	−0.008 0.011
Demo_t-1		0.076*** 0.025		0.077*** 0.024			0.015** 0.006		0.016** 0.007
Demo_Cap_t-1			0.139*** 0.033		0.141*** 0.033			0.007 0.005		0.003 0.007
FDI*Demo_t-1				−0.059 0.207					0.000 0.000
FDI*Demo_Cap_t-1					−0.001 0.002					0.000 0.000
GDPG_t-1	0.124*** 0.037	0.089** 0.039	0.075* 0.040	0.090** 0.042	0.077* 0.042	0.053*** 0.008	0.054*** 0.006	0.057*** 0.007	0.054*** 0.007	0.057*** 0.008
Trade_t-1	−0.009 0.015	−0.014 0.016	−0.020 0.016	−0.014 0.016	−0.020 0.016	−0.009* 0.005	−0.004 0.004	−0.008 0.007	−0.007* 0.004	−0.012* 0.007
GFCF_t-1	0.235*** 0.066	0.230*** 0.059	0.195*** 0.050	0.197* 0.116	0.191*** 0.047	0.033*** 0.010	0.023** 0.009	0.033*** 0.012	0.030*** 0.009	0.040*** 0.009
Inf_t-1	0.000*** 0.000	0.000*** 0.000	0.000 0.000	0.213*** 0.061	0.000 0.000	0.000*** 0.000	0.000*** 0.000	0.000*** 0.000	0.000*** 0.000	0.000*** 0.000
Credit_t-1	0.188 0.124	0.197* 0.116	0.120 0.092	0.000*** 0.000	0.123 0.095	−0.043** 0.021	−0.034* 0.020	−0.036* 0.019	−0.029** 0.015	−0.029** 0.014
Pop_U14_t-1	−0.973*** 0.306	−0.733** 0.283	−0.593** 0.296	−0.725** 0.277	−0.582* 0.299	−0.351*** 0.077	−0.243*** 0.085	−0.303*** 0.065	−0.244*** 0.075	−0.294*** 0.069
C	0.800*** 0.137	0.656*** 0.130	0.618*** 0.127	0.654*** 0.126	0.613*** 0.128	0.201*** 0.043	0.134*** 0.045	0.172*** 0.036	0.137*** 0.039	0.173*** 0.037
R² within	0.390	0.437	0.551	0.436	0.548
R² between	0.486	0.437	0.392	0.427	0.387
R² overall	0.492	0.439	0.424	0.431	0.418
F-statistic	130.870***	155.550***	342.160***	131.010***	265.740***	22.17***	22.31***	22.31***	22.17***	22.170***
AR(2) prob						0.541	0.599	0.489	0.754	0.516
Hansen prob						0.17	0.206	0.143	0.116	0.062
Instruments						33	33	33	31	31
Observations	825	830	830	825	825	798	803	803	798	798

Note(s): Robust standard errors in italics. The FDI and control factor coefficients and standard errors have been multiplied by 100. ***, ** and * represent significance at the 1, 5 and 10% levels respectively

[ViewLarge]

Sharing Unavailable