Table 5 Excluding resource-dependent...

Table 5

Excluding resource-dependent countries sub-sample results

	Fixed effects					System GMM
	5–1	5–2	5–3	5–4	5–5	5–6	5–7	5–8	5–9	5–10
HDI_t-1						0.912*** 0.034	1.018*** 0.035	1.026*** 0.026	1.016*** 0.025	1.026*** 0.031
FDI_t-1	0.006 0.034			−0.105 0.297	−0.043 0.116	−0.003 0.003			0.045 0.096	0.052 0.056
Demo_t-1		0.081** 0.031		0.080** 0.030			0.014* 0.008		0.012* 0.007
Demo_Cap_t-1			0.152*** 0.037		0.152*** 0.038			0.002 0.007		0.004 0.006
FDI*Demo_t-1				0.131 0.369					0.000 0.001
FDI*Demo_Cap_t-1					0.002 0.120					−0.079 0.112
GDPG_t-1	0.137*** 0.050	0.085 0.052	0.068 0.046	0.083 0.058	0.070 0.051	0.062*** 0.014	0.124 0.090	0.191*** 0.051	0.154** 0.066	0.177*** 0.038
Trade_t-1	−0.023 0.017	−0.028 0.018	−0.026 0.020	−0.029 0.018	−0.028 0.020	−0.007 0.005	−0.003 0.009	−0.003 0.006	−0.003 0.004	−0.004 0.006
GFCF_t-1	0.217*** 0.074	0.199*** 0.072	0.150* 0.076	0.128 0.109	0.161** 0.071	0.023 0.015	0.005 0.011	−0.007 0.018	−0.012 0.022	−0.013 0.019
Inf_t-1	0.000*** 0.000	0.000*** 0.000	0.000 0.000	0.206*** 0.067	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	0.115 0.117	0.126 0.107	0.059 0.077	0.000*** 0.000	0.061 0.078	−0.041** 0.018	−0.006 0.012	0.001 0.011	−0.003 0.010	0.004 0.010
Pop_U14_t-1	−1.061*** 0.338	−0.781** 0.303	−0.525** 0.246	−0.755** 0.304	−0.510** 0.250	−0.360*** 0.081	0.131* 0.074	0.149** 0.071	0.116* 0.058	0.155* 0.077
C	0.870*** 0.157	0.706*** 0.146	0.612*** 0.113	0.696*** 0.146	0.606*** 0.115	0.206*** 0.048	−0.072*** 0.041	−0.077** 0.037	−0.062* 0.031	−0.079* 0.044
R² within	0.368	0.434	0.596	0.430	0.593
R² between	0.625	0.564	0.540	0.559	0.536
R² overall	0.567	0.519	0.532	0.511	0.525
F-statistic	340.330***	361.220***	663.020***	380.500***	518.780***	22.190***	22.370***	22.370***	22.190***	22.190***
AR(2) prob						0.057	0.113	0.658	0.086	0.106
Hansen prob						0.176	0.569	0.813	0.813	0.865
Instruments						25	17	17	21	21
Observations	621	626	626	621	621	599	604	604	599	599

	Fixed effects					System GMM
	5–1	5–2	5–3	5–4	5–5	5–6	5–7	5–8	5–9	5–10
HDI_t-1						0.912*** 0.034	1.018*** 0.035	1.026*** 0.026	1.016*** 0.025	1.026*** 0.031
FDI_t-1	0.006 0.034			−0.105 0.297	−0.043 0.116	−0.003 0.003			0.045 0.096	0.052 0.056
Demo_t-1		0.081** 0.031		0.080** 0.030			0.014* 0.008		0.012* 0.007
Demo_Cap_t-1			0.152*** 0.037		0.152*** 0.038			0.002 0.007		0.004 0.006
FDI*Demo_t-1				0.131 0.369					0.000 0.001
FDI*Demo_Cap_t-1					0.002 0.120					−0.079 0.112
GDPG_t-1	0.137*** 0.050	0.085 0.052	0.068 0.046	0.083 0.058	0.070 0.051	0.062*** 0.014	0.124 0.090	0.191*** 0.051	0.154** 0.066	0.177*** 0.038
Trade_t-1	−0.023 0.017	−0.028 0.018	−0.026 0.020	−0.029 0.018	−0.028 0.020	−0.007 0.005	−0.003 0.009	−0.003 0.006	−0.003 0.004	−0.004 0.006
GFCF_t-1	0.217*** 0.074	0.199*** 0.072	0.150* 0.076	0.128 0.109	0.161** 0.071	0.023 0.015	0.005 0.011	−0.007 0.018	−0.012 0.022	−0.013 0.019
Inf_t-1	0.000*** 0.000	0.000*** 0.000	0.000 0.000	0.206*** 0.067	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	0.115 0.117	0.126 0.107	0.059 0.077	0.000*** 0.000	0.061 0.078	−0.041** 0.018	−0.006 0.012	0.001 0.011	−0.003 0.010	0.004 0.010
Pop_U14_t-1	−1.061*** 0.338	−0.781** 0.303	−0.525** 0.246	−0.755** 0.304	−0.510** 0.250	−0.360*** 0.081	0.131* 0.074	0.149** 0.071	0.116* 0.058	0.155* 0.077
C	0.870*** 0.157	0.706*** 0.146	0.612*** 0.113	0.696*** 0.146	0.606*** 0.115	0.206*** 0.048	−0.072*** 0.041	−0.077** 0.037	−0.062* 0.031	−0.079* 0.044
R² within	0.368	0.434	0.596	0.430	0.593
R² between	0.625	0.564	0.540	0.559	0.536
R² overall	0.567	0.519	0.532	0.511	0.525
F-statistic	340.330***	361.220***	663.020***	380.500***	518.780***	22.190***	22.370***	22.370***	22.190***	22.190***
AR(2) prob						0.057	0.113	0.658	0.086	0.106
Hansen prob						0.176	0.569	0.813	0.813	0.865
Instruments						25	17	17	21	21
Observations	621	626	626	621	621	599	604	604	599	599

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

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