Table 5

Driscoll–Kraay estimated results

Driscoll–Kraay-estimate
(15)(16)(17)(18)(19)(20)(21)(22)
L.HDEV0.439*** (0.107)0.431*** (0.107)0.431*** (0.107)0.430*** (0.108)0.417*** (0.104)0.431*** (0.108)0.416*** (0.105)0.417*** (0.106)
DINV0.0025 (0.002) 0.0025* (0.001)0.0025* (0.001)0.0013 (0.001)0.0025* (0.001)0.0014 (0.001)0.0014 (0.001)
XDBT −0.0089*** (0.001)−0.0089*** (0.001)−0.0088*** (0.001)−0.0084*** (0.001)−0.009**** (0.001)−0.008*** (0.001)−0.008*** (0.001)
FDI   −0.020 (0.061)  −0.0244 (0.068) 
OPEN    0.0164 (0.002) 0.016*** (0.002)0.016*** (0.002)
FINDEV     −0.0001 (0.002) −0.0001 (0.002)
constant0.007*** (0.002)0.007*** (0.002)0.007*** (0.002)0.521 (1.573)0.0063*** (0.002)0.0069*** (0.002)0.634 (1.736)0.006** (0.002)
F-stat /66.83 [0.00]115.48 [0.00]116.65 [0.00]129.00 [0.00]109.04 [0.00]87.67 [0.00]133.74 [0.00]87.91 [0.00]
No obs748748748748748748748748

Note(s): ***, ** and * are the respective significant level at 1, 5 and 10%. F-stat, is the Fisher statistics, [ ] are p-values and ( ) are the standard errors

Source(s): Authors' computation from STATA 17

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