Table 6 High democracy sub-sample...

Table 6

High democracy sub-sample results

	Fixed effects					System GMM
	6–1	6–2	6–3	6–4	6–5	6–6	6–7	6–8	6–9	6–10
HDI_t-1						1.008*** 0.030	0.977*** 0.016	0.967*** 0.031	0.995*** 0.015	0.969*** 0.027
FDI_t-1	0.054 0.038			0.097 0.196	0.003 0.037	0.015*** 0.005			−0.014 0.207	0.046 0.060
Demo_t-1		0.078*** 0.024		0.078*** 0.024			0.011*** 0.003		0.012*** 0.004
Demo_Cap_t-1			0.191*** 0.021		0.192*** 0.020			0.008 0.008		0.011** 0.005
FDI*Demo_t-1				−0.072 0.232					0.000 0.003
FDI*Demo_Cap_t-1					0.000 0.001					−0.090 0.126
GDPG_t-1	0.062 0.039	0.005 0.040	−0.031 0.024	0.005 0.041	−0.030 0.026	0.204*** 0.056	0.142** 0.066	0.110** 0.051	0.153** 0.061	0.112*** 0.040
Trade_t-1	0.009 0.012	0.003 0.012	0.000 0.005	0.005 0.012	−0.001 0.006	−0.001 0.003	0.001 0.004	0.000 0.007	0.000 0.004	0.001 0.005
GFCF_t-1	0.298*** 0.090	0.290*** 0.080	0.116** 0.047	0.230 0.180	0.119** 0.048	−0.012 0.016	0.000 0.015	0.012 0.009	−0.007 0.017	0.019 0.015
Inf_t-1	0.000*** 0.000	0.000*** 0.000	0.000 0.000	0.267*** 0.087	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	0.220 0.190	0.231 0.176	0.062 0.076	0.000*** 0.000	0.070 0.082	−0.008 0.009	−0.002 0.009	0.000 0.011	−0.002 0.011	−0.001 0.011
Pop_U14_t-1	−0.701* 0.358	−0.423 0.367	−0.087 0.214	−0.416 0.360	−0.059 0.214	0.039 0.083	0.012 0.057	−0.009 0.063	0.058 0.079	0.012 0.071
C	0.644*** 0.173	0.473** 0.183	0.359*** 0.094	0.472** 0.180	0.345*** 0.094	−0.019 0.047	−0.003 0.032	0.013 0.034	−0.031 0.041	0.000 0.037
R² within	0.463	0.518	0.859	0.517	0.857
R² between	0.595	0.599	0.662	0.591	0.656
R² overall	0.565	0.571	0.638	0.562	0.631
F-statistic	197.260***	401.390***	3918.160***	402.080***	3114.940***	21.670***	21.900***	21.900***	21.670***	21.670***
AR(2) prob						0.703	0.512	0.207	0.387	0.101
Hansen prob						0.902	0.775	0.099	0.580	0.164
Instruments						17	17	17	21	21
Observations	470	475	475	470	470	455	460	460	455	455

	Fixed effects					System GMM
	6–1	6–2	6–3	6–4	6–5	6–6	6–7	6–8	6–9	6–10
HDI_t-1						1.008*** 0.030	0.977*** 0.016	0.967*** 0.031	0.995*** 0.015	0.969*** 0.027
FDI_t-1	0.054 0.038			0.097 0.196	0.003 0.037	0.015*** 0.005			−0.014 0.207	0.046 0.060
Demo_t-1		0.078*** 0.024		0.078*** 0.024			0.011*** 0.003		0.012*** 0.004
Demo_Cap_t-1			0.191*** 0.021		0.192*** 0.020			0.008 0.008		0.011** 0.005
FDI*Demo_t-1				−0.072 0.232					0.000 0.003
FDI*Demo_Cap_t-1					0.000 0.001					−0.090 0.126
GDPG_t-1	0.062 0.039	0.005 0.040	−0.031 0.024	0.005 0.041	−0.030 0.026	0.204*** 0.056	0.142** 0.066	0.110** 0.051	0.153** 0.061	0.112*** 0.040
Trade_t-1	0.009 0.012	0.003 0.012	0.000 0.005	0.005 0.012	−0.001 0.006	−0.001 0.003	0.001 0.004	0.000 0.007	0.000 0.004	0.001 0.005
GFCF_t-1	0.298*** 0.090	0.290*** 0.080	0.116** 0.047	0.230 0.180	0.119** 0.048	−0.012 0.016	0.000 0.015	0.012 0.009	−0.007 0.017	0.019 0.015
Inf_t-1	0.000*** 0.000	0.000*** 0.000	0.000 0.000	0.267*** 0.087	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	0.220 0.190	0.231 0.176	0.062 0.076	0.000*** 0.000	0.070 0.082	−0.008 0.009	−0.002 0.009	0.000 0.011	−0.002 0.011	−0.001 0.011
Pop_U14_t-1	−0.701* 0.358	−0.423 0.367	−0.087 0.214	−0.416 0.360	−0.059 0.214	0.039 0.083	0.012 0.057	−0.009 0.063	0.058 0.079	0.012 0.071
C	0.644*** 0.173	0.473** 0.183	0.359*** 0.094	0.472** 0.180	0.345*** 0.094	−0.019 0.047	−0.003 0.032	0.013 0.034	−0.031 0.041	0.000 0.037
R² within	0.463	0.518	0.859	0.517	0.857
R² between	0.595	0.599	0.662	0.591	0.656
R² overall	0.565	0.571	0.638	0.562	0.631
F-statistic	197.260***	401.390***	3918.160***	402.080***	3114.940***	21.670***	21.900***	21.900***	21.670***	21.670***
AR(2) prob						0.703	0.512	0.207	0.387	0.101
Hansen prob						0.902	0.775	0.099	0.580	0.164
Instruments						17	17	17	21	21
Observations	470	475	475	470	470	455	460	460	455	455

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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