Dependent variable: Logistics performance index (LOGIST) panel least square (unbalanced) periods included: 5; cross-sections included: 59; total observations: 256 sample: 2010–2018
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “t-statistics” | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | 2.236*** (28.362) | 2.225*** (28.127) | 2.136*** (25.888) | 2.229*** (28.301) | 2.229*** (28.300) |
| FDI(−1): One-year lag of net inflow of foreign direct investment (Billion USD) | 0.008*** (8.309) | ||||
| FDI(−2): Two-year lag of net inflow of foreign direct investment (Billion USD) | 0.008*** (8.125) | 0.008*** (8.119) | 0.008*** (8.120) | ||
| FDI(−3): Three-year lag of net inflow of foreign direct investment (Billion USD) | 0.008*** (8.607) | ||||
| TXTGDP(−1): One-year lag of tax revenue (% of GDP) | 0.045*** (9.738) | ||||
| TXTGDP(−2): Two-year lag of tax revenue (% of GDP) | 0.038*** (8.888) | 0.038*** (8.862) | 0.038*** (8.862) | ||
| TXTGDP(−3): Three-year lag of tax revenue (% of GDP) | 0.038*** (8.824) | ||||
| DBTTOT(−1): One-year lag of total external debt (Billion USD) | −0.001** (−2.507) | ||||
| TDBTOT(−2): Two-year lag of total external debt (Billion USD) | −0.001** (−2.156) | −0.001*** (−2.976) | −0.001*** (−2.980) | ||
| DBTTOT(−3): Three-year lag of total external debt (Billion USD) | −0.001** (−2.012) | ||||
| BONDPNG(−1): One-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.003 (−0.338) | ||||
| BONDPNG(−2): Two-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.008 (−0.697) | ||||
| BONDPNG(−3): Three-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.020 (−1.556) | ||||
| BONDPPG(−1): One-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.020** (2.035) | ||||
| BONDPPG(−2): Two-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.014* (1.774) | 0.015* (1.818) | 0.015** (1.818) | ||
| BONDPPG(−3): Three-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.009 (0.502) | ||||
| TRNPP(−2): Two-year lag of investment in transport with private participation (Billion USD) | 0.004 (0.394) | ||||
| PPPTRN(−2): Two-year lag of public–private partnerships investment in transport (Billion USD) | 0.004 (0.405) | ||||
| Adjusted R-squared | 0.419 | 0.397 | 0.418 | 0.396 | 0.396 |
| F-statistic | 37.783 | 35.063 | 38.376 | 34.952 | 34.955 |
| Akaike Information Criterion | 1.178 | 1.220 | 1.180 | 1.221 | 1.331) |
| Schwarz Criterion | 1.261 | 1.302 | 1.262 | 1.303 | 1.412 |
| Hannan–Quinn Criterion | 1.211 | 1.253 | 1.213 | 1.254 | 1.354 |
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “ | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | 2.236*** (28.362) | 2.225*** (28.127) | 2.136*** (25.888) | 2.229*** (28.301) | 2.229*** (28.300) |
| FDI(−1): One-year lag of net inflow of foreign direct investment (Billion USD) | 0.008*** (8.309) | ||||
| FDI(−2): Two-year lag of net inflow of foreign direct investment (Billion USD) | 0.008*** (8.125) | 0.008*** (8.119) | 0.008*** (8.120) | ||
| FDI(−3): Three-year lag of net inflow of foreign direct investment (Billion USD) | 0.008*** (8.607) | ||||
| TXTGDP(−1): One-year lag of tax revenue (% of GDP) | 0.045*** (9.738) | ||||
| TXTGDP(−2): Two-year lag of tax revenue (% of GDP) | 0.038*** (8.888) | 0.038*** (8.862) | 0.038*** (8.862) | ||
| TXTGDP(−3): Three-year lag of tax revenue (% of GDP) | 0.038*** (8.824) | ||||
| DBTTOT(−1): One-year lag of total external debt (Billion USD) | −0.001** (−2.507) | ||||
| TDBTOT(−2): Two-year lag of total external debt (Billion USD) | −0.001** (−2.156) | −0.001*** (−2.976) | −0.001*** (−2.980) | ||
| DBTTOT(−3): Three-year lag of total external debt (Billion USD) | −0.001** (−2.012) | ||||
| BONDPNG(−1): One-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.003 (−0.338) | ||||
| BONDPNG(−2): Two-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.008 (−0.697) | ||||
| BONDPNG(−3): Three-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.020 (−1.556) | ||||
| BONDPPG(−1): One-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.020** (2.035) | ||||
| BONDPPG(−2): Two-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.014* (1.774) | 0.015* (1.818) | 0.015** (1.818) | ||
| BONDPPG(−3): Three-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.009 (0.502) | ||||
| TRNPP(−2): Two-year lag of investment in transport with private participation (Billion USD) | 0.004 (0.394) | ||||
| PPPTRN(−2): Two-year lag of public–private partnerships investment in transport (Billion USD) | 0.004 (0.405) | ||||
| Adjusted | 0.419 | 0.397 | 0.418 | 0.396 | 0.396 |
| 37.783 | 35.063 | 38.376 | 34.952 | 34.955 | |
| Akaike Information Criterion | 1.178 | 1.220 | 1.180 | 1.221 | 1.331) |
| Schwarz Criterion | 1.261 | 1.302 | 1.262 | 1.303 | 1.412 |
| Hannan–Quinn Criterion | 1.211 | 1.253 | 1.213 | 1.254 | 1.354 |
Note(s): *p < 0.1; **p < 0.05; ***p < 0.01
Source(s): Author’s estimations
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